Zhitong Financial APP learned that Huazhu Group Limited-S (01179) rose more than 6%. As of press time, it rose 6.27% to HK $27.95, with a turnover of HK $11.9623 million.
On the news, Huazhu Group Limited announced that in terms of the company's Legacy-Huazhu business, the company's average rentable room revenue returned to 129 per cent of 2019 levels in the third quarter of 2023, supported by strong tourism demand. In the third quarter of 2023, the company accelerated the opening of hotels, with a total of 545 new hotels and 139 closed hotels.
CITIC pointed out that the company's 23Q3 RevPAR repair at home and abroad is better than the upper limit of previous guidelines and the number of net stores is better than expected. In July and August, Huazhu repair is better than the industry in the summer peak season, and the recovery of the off-season in September has not dropped compared with August, and the leading alpha is prominent. The bank believes that Huazhu, with its own high operational efficiency and improving store quality, is expected to continue to lead the industry in 2024. Maintain a "buy" rating with a target price of HK $36.