Tiger Brokers

花旗：维持华住集团-S(01179)“买入”评级 上调目标价至47港元

智通财经
Aug 18

智通财经APP获悉，花旗发布研报称，华住集团-S(01179)第二季业绩胜预期，收入同比增长10.8%至71亿元人民币(下同)，较该行及市场预期高出4.3%及4.7%。经调整纯利同比升26.9%至17.1亿元，较该行及市场预期分别高出4.7%及8.2%。花旗轻微调整盈利预测，将华住集团港股目标价由46港元上调至47港元，华住集团(HTHT.US)美股目标价由58美元上调至59美元，均维持“买入”评级。

该行认为，业绩胜预期主要受惠于管理加盟(M&F)收入增长强劲，同比升25%，受惠于对加盟商的供应链等服务赋能;每间可出租客房收入(RevPAR)趋势具韧性，同比升1.1%;以及政府补贴增加。

集团维持中国RevPAR轻微同比增长指引，以及全年新开酒店毛目标2,200至2,300间，同时上调全年收入增长指引至同比升4%至8%，原先为升2%至6%。其中，华住中国(HWC)收入增长指引由5%至9%，上调至7%至11%，管理加盟收入增长指引由12%至16%，上调至16%至20%。

集团在第二季宣布派发现金股息2.75亿美元，上半年已回购2.73亿美元股份。随着2024年股东回报计划(20亿美元)提早完成，集团公布新的三年股东回报计划，总额达25亿美元。

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