T.H. Capital - Huazhu Group Ltd. Sponsored ADR (HTHT) HTHT / 1179.HK: Lodging Is Likely To Be Better From 2Q21 Onward; 4Q20 Was Still Challenging and 1Q21 Is Coming Out Of Bottom

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T.H. Capital

Tian Hou

EUR 229.48 For Business Accounts Only

HTHT / 1179.HK: Lodging Is Likely To Be Better From 2Q21 Onward; 4Q20 Was Still Challenging and 1Q21 Is Coming Out Of Bottom

HTHT will report 4Q20 results on March 24^th after the markets close followed by a conference call at 9pm EST. While COVID-19 has largely been under control in China for some time, there was a few outbreaks in 4Q20. In addition, the MoC called on people to stay put instead of traveling back to their hometowns during Chinese New Year. The newer COVID cases put pressure on volumes in 4Q20, and the CNY travel restriction was positive for 1Q21, but HTHT’s international hotel DH was still not operating in meaningful capacity. Based on the company’s 4Q20 preliminary results for hotel operations, total revenue is likely to be below consensus at RMB,2967M (2% Y/Y growth) and in line with our model at RMB2,902M. However, as the vaccines have been widely distributed worldwide, we believe the travel industry is on its way to recovery from 2Q21 onward.

23/03/2021 5 EN

Underlying

Huazhu Group Ltd. Sponsored ADR

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US44332N1063 NASDAQ Stock Market Cayman Islands

Provider

T.H. Capital

T.H. Capital is an independent research and investment advisory firm specializing in China. We offers real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects; from China ADRs to international names that have meaningful exposure to China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.

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Analysts

Tian Hou

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HTHT / 1179.HK: Lodging Is Likely To Be Better From 2Q21 Onward; 4Q20 Was Still Challenging and 1Q21 Is Coming Out Of Bottom

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BIDU: Positive On Long-Term Outlook; Monetization In AI To Drive Future Growth

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