• HTHT2017-10-16

    T. H. Data Flash – China Lodging Group (HTHT) – August & Preliminary 3Q17: 3Q17 Revenue Likely to Outperform Consensus on Strong Hotel Metrics; Maintain BUY

    •3Q17 revenue is likely to outperform consensus – Based on our data and calculations, HTHT’s net revenue is likely to grow 37% Y/Y (+22.0% Q/Q) to reach RMB2,430.3M in 3Q17 (Figure 7), better than consensus topline at RMB2,315.0M (+30.5% Y/Y) and the high-end of guidance range at 30% - 34% Y/Y growth. ……

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  • HTHT2016-05-12

    T.H. Capital - Huazhu Hotels Group Ltd.: Expect In Line 1Q16 Results and 2Q16 Guidance; Shanghai Disneyland is A Long-Term Benefit; Raise PT to $40

    HTHT will report 1Q16 results on Wednesday, May11 after themarket close followed by an 9pm ET conference call. We believe HTHT is likelyto report 1Q16 results largely in line with consensusexpectations. The 2Q16 guidance can be at least in line with consensus due to ahealthy RevPAR in April, 2016. As the Shanghai Disneyland is scheduled to openon June 16, 2016, we believe HTHT is going to benefit from increasing tourists’inflow. As such we raise our PT to $40.Shanghai Disneyland to be positive t……

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  • HTHT2016-03-10

    HTHT: 1Q16 Guidance May Benefit from the Integration of AccorHotels; Expect In Line 4Q15 Results; Maintain BUY and PT

    HTHT will report 4Q15 results on Thursday, March 10 after the market close followed by an 8pm ET conference call. We believe HTHT is likely to report 4Q15 results largely in line with consensus expectations. However, we believe current consensus expectation for 1Q16 may be conservative at 13% Y/Y growth before taking into account the consolidation of AccorHotels. We maintain our BUY rating as we believe HTHT can grow faster in 2016.……

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  • HTHT2016-01-04

    T. H. Data Flash - HTHT: Industry Integration Continued; RevPAR Could Decline Y/Y in 4Q15 Due To Soft Occupancy Rate

    4Q15 Operating Data Highlights:Data in this report was extracted from publicly available sources and processed with our proprietary methodology.•HTHT acquiring Hotel Home can be positive in 2016 – On December 24th, HTHT announced that it acquired 85% of Hotel Home’s (中州快捷酒店) shares. Hotel Home is located in Middle China with about 28 hotels in its network. Most of the hotels are in Henan Province as well as one hotel located each in Suzhou and Jiangsu Provinces.……

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  • HTHT2015-11-10

    HTHT: Expect Better 3Q15 Results and 4Q15 Guidance; Upgrade to BUY from HOLD on Recovering Underlying Operations

    HTHT will report 3Q15 results on Tuesday, November 10, 2015 after the market close followed by an 8pm ET conference call. We believe HTHT is likely to report better 3Q15 results and provide better 4Q15 guidance compared with Street expectations. The upside we believe is mainly driven by the recovery in RevPARs particularly in the mature hotels. Based on its operation data as well as our proprietary data, we believe HTHT’s business is on an upward trend, principally in RevPARs. However, we believ……

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  • HTHT2015-03-11

    HTHT: Expect at Most In Line 4Q14 Results and In Line 1Q15 Guidance; Maintain Hold Rating

    HTHT will report 4Q14 results on March 10, 2015 after the market close followed by a 9pm EST conference call. We believe HTHT could report at most in line 4Q14 results based on the company’s preliminary operating results. We also believe HTHT’s 1Q15 guidance will be largely in line with consensus due to slightly better RevPAR in the first two months of 2015 offset by the currency depreciation. Upside to the full year guidance for 2015 could come from its Accor transaction if it comes earlier in ……

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  • HTHT2014-11-10

    HTHT: Expect At Most In Line 3Q14 Results; Full Year Guidance Could Be Aggressive; Maintain Hold Rating

    HTHT will report 3Q14 results on Wednesday, November 12, 2014 after the market close followed by an 8pm ET conference call. We believe HTHT could report at most in line 3Q14 results compared with Street expectations due to faster shift to more manachised hotels and slower openings of leased hotels. With the growth in the first three quarters below its full year guidance and weak economic environment, we don’t expect the company to outperform in 4Q14, but believe the company is likely to lower it……

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  • HTHT2014-08-28

    HTHT: New Expansion Strategy Positive For Market Share Gain; Soft 3Q14 Guidance Can Be Conservative; Maintain Hold Rating

    On August 11, HTHT reported better 2Q14 results but provided weaker 3Q14 guidance. 2Q14 net revenue was $201.0M, vs. consensus of $198.2M; EPS was $0.32, vs. consensus at $0.29. For 3Q14, the mid-point of HTHT’sguidance at $223.7M is slightly below the Street at $225.4M. However, we believe 3Q14 guidance could be conservative as the company indicated an increase in ADRs, which can be a positive sign for better occupancy. Looking beyond the near term guidance, we believe the most meaningful chang……

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  • HTHT2014-08-13

    HTHT: Expect Better Revenue Results And Inline EPS In 2Q14; 3Q14 Consensus Could Be Aggressive; Maintain Hold Rating

    Huazhu Hotels Group Ltd. Expect Better Revenue Results And Inline EPS In 2Q14; 3Q14 Consensus Could Be Aggressive; Maintain Hold Rating  HTHT will report 2Q14 results on Monday, August 11, 2014 after the market close followed by a 9pm EST conference call (or 9am on Tuesday, August 12, 2014 Beijing / Hong Kong time). We believe HTHT could report better 2Q14 revenue and inline EPS based on the company’s preliminary operating results. However, we believe HTHT is unlikely to provide 3Q14 guidan……

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  • HTHT2014-03-09

    ​Huazhu: Expect Better 4Q13 Results and at Least Inline 1Q14 Guidance; Maintain Hold Rating

    Huazhu Hotels Group Ltd Expect Better 4Q13 Results and at Least Inline 1Q14 Guidance; Maintain Hold RatingHTHT will report 4Q13 results on Tuesday, March 11, 2014 after the market close followed by 9pm EST conference call. We believe HTHT could report better than expected 4Q13 results based on the company’s preliminary operating results. We also believe HTHT’s 1Q14 guidance will be at least in-line with expectations due to slightly better RevPAR and strong hotel openings since 1Q13. Full year gu……

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  • HTHT2014-02-19

    China Lodging Group (HTHT):HTHT RevPAR Could Be Flat Y/Y with a Weaker Occupancy Rate but Better Average Daily Rate

    T. H. Data Flash – China Lodging Group (HTHT) – January 2014HTHT RevPAR Could Be Flat Y/Y with a Weaker Occupancy Rate but Better Average Daily RateDecember 2013- January 2014 Operating Data Highlights:Data in this report was extracted from publicly available sources and processed with our proprietary methodology.·  New openings could be strong in January – By January 24, 2014, HTHT’s total hotel number could be 1,506, an increase of 57 from 1,449 at the end of December 2013 (Figure 1). Amo……

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  • HTHT2014-02-19

    Home Inns & Hotels (HMIN) - December 2013

    T. H. Data Flash – Home Inns & Hotels (HMIN) - December 2013    RevPAR Could Be Weaker for HMIN Organic But Strong for Motel 168 Y/Y in 4Q13October – December 2013 Operating Data Highlights:Data in this report is extracted from publicly available sources and processed with our proprietary methodology. ·  Newly added hotels met the full year target – By December 23, 2013, the total number of hotels for HMIN could be 2,171 (including 1,785 Home Inns organic, 368 Motel 168 hotels……

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  • HTHT2014-02-19

    China Lodging Group (HTHT) – December 2013

    T. H. Data Flash – China Lodging Group (HTHT) – December 20134Q13 RevPAR Could be Flat or Slightly Up Y/Y Due to Weaker Occupancy; New Openings To Surpass Full Year Target  October - December 2013 Operating Data Highlights:The data in this report is extracted from publicly available sources and processed with our proprietary methodology.·  New openings could pass full year target – By December 23, 2013, HTHT’s total number of hotels could be at 1,449 (Figure 1), up from 1,035 at the en……

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  • HTHT2013-10-09

    China Lodging Group (HTHT) – September 2013

    T. H. Data Flash – China Lodging Group (HTHT) – September 20133Q13 RevPAR Could be Flat or Slightly Decline Y/Y Due to Weaker Occupancy Rate; New Openings Could Continue to be Strong July - September 2013 Operating Data Highlights:The data in this report is extracted from publicly available sources and processed with our proprietary methodology.    New openings could be strong in 3Q13 – By September 29, 2013, HTHT’s total hotel number (excluding franchised Starway hotels) could increas……

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  • HTHT2013-09-08

    China Lodging Group (HTHT): RevPAR Could Improve M/M Due to Higher ADR in August; Healthy Openings in Multiple Brands

    RevPAR Could Improve M/M Due to Higher ADR in August; Healthy Openings in Multiple Brands July - August 2013 Operating Data Highlights:The data in this report are extracted from publicly available sources and processed with our proprietary methodology.·         Healthy openings in multiple brands – By August 27, 2013, HTHT’s total hotel number (excluding franchised Starway hotels) could be about 1,303, an increase of 110 from 1,193 at the end of 2Q13 (Figure 2). Among the new……

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