[Brokerage Focus] China Merchants maintains a "strong buy" rating on H World Group (01179) as losses from Deutsche Hotels drag down Q4 profits.

Jinwu Financial News | China Merchants research pointed out that H World Group (01179) is expected to achieve revenue of 6.02 billion yuan in Q4 2024, a +7.8% increase, higher than the guidance of 1%-5%. Adjusted EBITDA and adjusted Net income are expected to reach 1.25 billion yuan and 0.32 billion yuan respectively, with year-on-year growth of 10.3% and a decline of 38%. The main reason is the loss of Deutsche Hotels, while the operating profit of domestic hotels is expected to be 1.21 billion yuan, a year-on-year increase of 48%. The bank indicated that in Q4 2024, the overall hotel occupancy rate, room rate, and RevPAR of the group experienced year-on-year decreases of -0.5 percentage points, -2.5%, and -3.1%, respectively, and the same-store occupancy rate for hotels that have been open for more than 18 months.

Jinwu Financial NewsMar 26 03:21 ET

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