shuinu9870 shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 shuinu9870 更多一手调研纪要和研报数据加V： shuinu9870 更多一手调研纪要和研报数据加V： 27 Nov 2024 11:09:18 ET │ 8 pages US Economics shuinu9870 Core PCE inflation elevated, but will not stop rate cuts 更多一手调研纪要和研报数据加V： CITI'S TAKE Core PCE at 0.27%MoM was close to our and consensus estimates. The second month of elevated core inflation follows a spell of softer prints and will not be enough to stop the Fed from cutting rates i ...

Summary of H World Group Limited (HTHT) Conference Call Company Overview - **Company**: H World Group Limited (HTHT / 1179 HK) - **Industry**: Hotel Operations and Franchising - **Date of Report**: November 27, 2024 Key Points and Arguments Financial Performance - **3Q24 Results**: Total revenue increased by 2.4% YoY, which was 2% behind consensus but in line with estimates [8][9] - **Revenue Segmentation**: - Legacy Huazhu revenue grew by 1% YoY, while Legacy-DH grew by 8.9% YoY [9] - RevPAR for Legacy Huazhu declined by 8.1% YoY to RMB256, with ADR down by about 7% YoY to RMB301 [9] - **Non-GAAP Adjusted EBITDA**: Approximately RMB2.1 billion, below consensus estimates of RMB2.3 billion [9] - **4Q24 Revenue Guidance**: Expected to increase by 1%-5% YoY, which is below market consensus of 6.6% [9] Market Outlook - **RevPAR Expectations**: - Anticipated to decline by mid-single digits YoY in 4Q24 due to soft business travel compared to leisure travel [9] - Expected to stabilize in 2025, with market share gains amid rising hotel chain penetration [9] - **Hotel Openings**: More than 2,400 hotels expected to open in 2025, exceeding prior expectations [9] Strategic Initiatives - **Membership Expansion**: Plans to expand into more regions and enhance partnerships with airlines and ride-hailing services [9] - **Quality of Hotel Supply**: Focus on high-quality hotels, with a reduction in low-quality hotel supply [9] - **Asset-Light Model**: Continued pursuit of an asset-light model, with closures expected to exceed the first half of the year but remain below third-quarter levels [9] Valuation and Price Target - **Current Price Target**: DCF-based price target lowered to USD 45 / HKD 36 from USD 50 / HKD 39, reflecting a +36% upside potential [9][21] - **Risks**: Key risks include slower-than-expected RevPAR recovery, slower EBITDA margin recovery, and changes in the macro environment [9][60] Sustainability and ESG Considerations - **Top Material Issues**: - Ecological impacts due to tourism and waste generation [24] - Labor practices, emphasizing the need for a healthy working environment [24] - **Company Targets**: Focus on reducing environmental footprint and contributing to a low-carbon society [24] Catalysts for Growth - **RevPAR Growth**: Stronger-than-expected RevPAR growth could act as a catalyst [25] - **Hotel Development Pipeline**: A robust hotel development pipeline is anticipated to support growth [25] Additional Important Information - **Market Capitalization**: Approximately USD 10.5 billion [9] - **Stock Performance**: 52-week high-low range of USD 42.98 - USD 27.03 [9] - **Analyst Ratings**: Maintained a "Buy" rating based on the company's growth potential and market positioning [9][21] This summary encapsulates the essential insights from the conference call regarding H World Group Limited, highlighting its financial performance, market outlook, strategic initiatives, valuation, sustainability efforts, and potential growth catalysts.

shuinu9870 shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 shuinu9870 更多一手调研纪要和研报数据加V： shuinu9870 更多一手调研纪要和研报数据加V： November 26, 2024 01:19 PM GMT M Update | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

shuinu9870 shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 shuinu9870 更多一手调研纪要和研报数据加V： shuinu9870 更多一手调研纪要和研报数据加V： Jefferies Japan | Cosmetics, Household & Personal Care Unicharm Equity Research November 27, 2024 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------| ...

shuinu9870 shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： November 27, 2024 12:32 PM GMT M Update Meitu Inc | Asia Pacific Investor Day Key Takeaways shuinu9870 We attended Meitu's investor day in Beijing. The company showcased three GenAI-powered productivity products, including DesignKit, Action, and MOKI. Investors were mostly interested in its overseas expansion progress. ...

shuinu9870 shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 shuinu9870 更多一手调研纪要和研报数据加V： shuinu9870 更多一手调研纪要和研报数据加V： M Update November 27, 2024 08:47 AM GMT | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------ ...

shuinu9870 shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： shuinu9870 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 V i e w p o i n t | 27 Nov 2024 15:38:31 ET │ 30 pages Global Shipping shuinu9870 Global Supply Chain – Freight Tracker – Downside to Rates 更多一手调研纪要和研报数据加V： CITI'S TAKE We update our weekly freight data tracker which covers both sea and air freight. We see capacity growth of +6% YoY in December and +9% YoY in Nove ...

shuinu9870 shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： shuinu9870 更多一手调研纪要和研报数据加V： 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 26 Nov 2024 04:37:52 ET │ 12 pages Global Semiconductors shuinu9870 High Bandwidth LLW DRAM Expected to Emerge for Mobile 更多一手调研纪要和研报数据加V： CITI'S TAKE We anticipate LLW DRAM, which could be seen as mini HBM for mobile, is set to emerge as a high bandwidth solution in 2H25E. LLW DRAM is fabricated based on Vertical wire Fan-Out (VF ...

shuinu9870 shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： shuinu9870 更多一手调研纪要和研报数据加V： 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 V i e w p o i n t | 27 Nov 2024 09:00:10 ET │ 9 pages Global Metals & Mining shuinu9870 Global stainless output increases at much faster rate than carbon steel again, on track for 60mn tonnes in FY'24 更多一手调研纪要和研报数据加V： CITI'S TAKE World stainless steel production is typically more volatile than carbon steel. It declined 3%y/y in FY ...

shuinu9870 shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 shuinu9870 更多一手调研纪要和研报数据加V： shuinu9870 更多一手调研纪要和研报数据加V： CEEMEA Equity Research 28 November 2024 J P M O R G A N CEEMEA Petrochemicals Year ahead outlook: Dear Father Christmas - What I need to fix my sector shuinu9870 shuinu9870 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------- ...