HTHT: Expect Better 4Q17 Results and 1Q18 Guidance; Maintain BUY & Raise PT to $175
HTHT will report 4Q17 results on Tuesday, March 13th after the market close followed by a 9pm ET conference call. Based on its previously released operating data, HTHT is likely to report 4Q17 results better than consensus expectation. For 1Q18, based on our proprietary data, we believe HTHT is likely to achieve RMB2,092.0M, better than consensus at RMB2,025.8M driven by the growth in both number of hotels to grow 26% Y/Y and RevPAR at 15% Y/Y growth. We maintain our BUY rating and raise our PT to $175.00.