Citigroup has included H World Group-S (01179) in its 30-day positive catalyst watch list. The bank believes that strong leisure travel demand, inbound tourism, and extended spring holidays in some mainland provinces lasting until late April to early May will support the company. Additionally, rising outbound travel costs and geopolitical tensions are expected to boost demand for domestic tourism. These factors are projected to sustain the positive trend in revenue per available room (RevPAR) through the Labor Day holiday period. Citigroup maintains a "Buy" rating on H World Group with a target price of HK$47, based on a forecasted 2026 enterprise value to EBITDA multiple of approximately 14 times.