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.

Summary of Unicharm (8113 JP) Equity Research Report Company Overview - **Company Name**: Unicharm - **Industry**: Cosmetics, Household & Personal Care - **Specialization**: Absorbent toiletry products including disposable diapers and sanitary napkins - **Market Expansion**: Aggressive entry into emerging markets such as India, Brazil, China, Indonesia, and Thailand [19][59] Key Points from the Report - **Current Rating**: HOLD - **Current Price**: ¥4,066 - **Price Target**: ¥4,800, indicating an upside potential of +18% [9][19] - **Market Capitalization**: ¥2.4 trillion (approximately $16.5 billion) [9] - **52-Week Price Range**: ¥3,761 - ¥5,408 [9] Demand Insights - Increased demand for feminine care products has been noted, particularly in the Kanto and Kansai regions of Japan, with large orders placed by stores [9] - The report mentions uncertainty regarding whether these orders are from resellers [9] Risks and Challenges - Potential risks include: - Decline in sales and margins in China - Increased competition and sales slowdown in feminine care, wellness care, and pet care segments, which could negatively impact product mix [19][59] Financial Metrics - **Float**: 59.0% - **Average Daily Volume**: 51.25 million USD [9] Valuation Methodology - Price target based on FY12/25 EV/EBITDA of 12x, cross-checked with core operating profit margin correlation and return on equity [19] Historical Rating Changes - Recent rating history shows fluctuations with a previous buy rating at ¥6,200 on June 27, 2024, and a hold rating at ¥4,800 on November 11, 2024 [19][33] Additional Considerations - The report emphasizes the importance of considering various factors, including market conditions and individual investment objectives, before making investment decisions [42][59] - Jefferies' ratings and price targets are subject to change based on market dynamics and company performance [23][42] This summary encapsulates the essential insights and data from the equity research report on Unicharm, providing a comprehensive overview of the company's current standing and future outlook.

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： 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 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Summary of Global Integrated Oil & Gas Conference Call Industry Overview - The conference call focused on the **Global Integrated Oil & Gas** industry, discussing market dynamics and forecasts for 2025 and beyond [9][26]. Key Points and Arguments Market Conditions - **Overcapacity in Oil Markets**: The global oil market is expected to remain in overcapacity, with an estimated **8 million barrels per day (mbpd)** (approximately **8%**) of capacity sidelined due to OPEC+ production cuts [11]. - **Valuation Support**: The sector is currently discounting **$62 per barrel** for Brent oil, which is **15% below** forward curve prices, indicating better valuation support compared to previous years [12][51]. - **Political Changes**: A changing political landscape, particularly in the US, is anticipated to lower the cost of equity (CoE) for the sector, potentially benefiting investment [13]. Regional Performance - **US vs Europe**: The US energy sector has outperformed the European sector by an average of **10% per annum** since 2010, with expectations for continued outperformance in 2025 due to favorable political and capital allocation conditions [14][53]. Company-Specific Insights - **Chevron (CVX)**: The company is currently undervalued relative to peers, with potential upside linked to the mid-2025 arbitration regarding Guyana. The downside risk appears protected [15]. - **ConocoPhillips (COP)**: The company is viewed positively due to its growth prospects and portfolio depth, enhanced by synergies from Marathon [15]. - **Galp (GALP)**: The company is considered undervalued, particularly in light of its exploration potential in Namibia [15]. Gas Market Dynamics - **LNG Supply Growth**: Global LNG supply is projected to expand by **40%** from 2025 to 2028, which may impact pricing dynamics. European prices for 2025 are expected to average **$13.6 per MMBtu**, significantly above long-run marginal costs (LRMC) of **$7-8 per MMBtu** [16][40]. Refining Sector - **Refining Margins Normalization**: After peaks in 2022/23, refining margins have normalized and are expected to align with historical averages. A **25% year-over-year decline** in margins is anticipated for 2025 due to increased refining capacity and lower global oil demand [41]. Investment Outlook - **Equity Performance**: Historical trends suggest that oil equities underperform during periods of spare capacity. The expectation for 2025 is that the oil market will still face overcapacity unless valuation support is found [42]. - **Capital Allocation Trends**: US integrated oil companies are allocating a significant portion of their capital towards hydrocarbon monetization, while European companies are focusing on transition investments [56]. Additional Important Insights - **Risks in Gas Pricing**: The gas market is currently elevated, with traders overly concerned about winter risks, which may not materialize as expected [40]. - **Long-term Growth Prospects**: Companies like ConocoPhillips and Chevron are expected to see growth driven by upcoming projects and synergies, although the overall market remains cautious due to overcapacity concerns [57]. This summary encapsulates the critical insights and forecasts discussed during the conference call, providing a comprehensive overview of the current state and future outlook of the Global Integrated Oil & Gas industry.

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 14:03:10 ET │ 14 pages V i e w p o i n t | Global Economics shuinu9870 Global Inflation Monitor: Progress to Central Banks' Targets Slows 更多一手调研纪要和研报数据加V： CITI'S TAKE Global headline inflation in October ticked up slightly but remained only a notch above 2% as goods, food, and energy inflation all continued to cruise near or even ...