Prudent guidance but QoQ recovery is likely

M N 5 Apr 2024 CMB International Global Markets | Equity Research | Company Update Atour Lifestyle (ATAT US) Prudent guidance but QoQ recovery is likely 4Q23 results were a slight beat but the FY24E guidance is slightly disappointed. Target Price US$23.68 However, we are not that pessimistic because: 1) sequential improvement is (Previous TP US$23.93) likely (high base in 1H), 2) OCC rate is still the best among its peers implying Up/Downside 24.7% further market share gains, and 3) PMI has started to impro ...