Accor : H1 2018 results and FY18 EBITDA guidance slightly below but Air France update should be the main focus
>H1 2018 earnings slightly below our expectations, RevPAR in line - H1 2018 sales came to €1,459m, slightly below of our estimates for €1,468m (+3.0% on a reported basis). RevPAR gained 5.1% in H1, in line with our expectations of +5.0%, suggesting a slight slowdown in Q2 to +5.0% after +5.3% in Q1. H1 2018 EBITDA came to €291m, below (-4%) our expectations for €304m, i.e. a 20.0% margin (Oddo BHF 20.7%). This was essentially driven by HotelServices, where the ma...Shenzhen Accord Pharmaceutical is engaged in the research, development and production of pharmaceuticals; and wholesales and chain retails of Chinese and western patent medicine, Chinese traditional medicine, biological products, bio-chemical medicine, health care products and medical apparatus and instruments. Through its subsidiaries, Co. is also engaged in the manufacture of raw material for chemical medicine, processing of Chinese patent drugs and medical chemical raw materials; sale of antibiotic preparations, chemical reagent and Chinese medical crop; and provision of logistic and storage services.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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