BTG Hotels:Access China Conference highlights

类别:公司研究 机构:德意志银行 研究员:Tallan Zhou,Karen Tang 日期:2018-01-15

BTG Hotels (600258.SS) attended our dbAccess China Conference today. Keytakeaways from the conference are as follows:Accelerating RevPAR growth in 4Q17 - BTG Hotels disclosed that blendedRevPAR yoy growth accelerated during 4Q17 (RevPAR yoy growth: Dec > Nov >Oct) and this trend also occurred at Jinjiang and China Lodging. This is mainlydue to the super Golden Week in Oct 2017 (8 days of national holidays includingMid-Autumn Festival which drives more homecoming than traveling). As for thefull year 2017, BTG's RevPAR growth is expected to show a similar trend to thatof Jinjiang.

    Hotel expansion - Management was confident about fulfilling their target ofadding 400-450 hotels in 2017 (guided at the beginning of 2017) and also guidedthat the company intends to add c.500 hotels every year over the next 4-5 years.

    Mid-scale hotel proportion - The company guided that c.40% of additions will bemid-scale hotels. They expect there will be c.1,000 mid-scale hotels by the end of2019, which accounts for c.20% of total hotels.

    M/F hotels proportion - The company disclosed that 70% of total hotels are M/F hotels (Manachise or Franchise) currently. They expect M/F hotels' proportionwill gradually reach to 90% over the next 4-5 years.

    Hotel traffic breakdown - As for the hotel traffic, c.50% of total comes from theirmembership or centralized reservation system (including their website and APPs),c.15% comes from OTA, c.10% comes from corporate and c.10% comes fromother channels (including walk-in).

股票代码 股票名称 最新价(元) 涨跌额(元) 涨跌幅(%) 成交额(万元) 成交量(手)
600258 @nn@ @n@ @c@ @cc@ @v@ @t@

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