BTG Hotels 2017preliminary results:core net profit up by 289-323%yoy,in line with DBe

类别:公司研究 机构:德意志银行 研究员:Tallan Zhou,Karen Tang 日期:2018-02-05

Core earnings growth range in line with DBe

    We reiterate our BUY rating on BTG and price target of RMB 35.0 unchanged.

    BTG announced its preliminary forecasting 2017 result yesterday. BTG guided thatits core earnings growth will be in the range of 289-323% yoy, which is in-linewith our estimates. (We estimate core earnings of RMB 613 million, yoy growthof 322%).

    Growth driven by hotel recovery and tourist site in Sanya

    Hotel: BTG guided that both occupancy rate and ADR have increased in2017. This is the key driver for earnings growth of hotel segment.

    Tourist site: BTG's Nanshan Park in Sanya saw significant visitors growthyoy, which has driven the profit growth.

    Integration of HomeInns makes the yoy comparison base different.

    To recap on comparison base difference: HomeInns was consolidated in April2016. As a result, from a comparison perspective, 2016 HomeInns only had 8months of operation while 2017 had full year operation. In addition, from April toSeptember, 2016, BTG only controlled 66.1% stake of HomeInns and BTG furtherincreased its stake to 100% after October 2016.

    DB's take, we have seen accelerated revpar growth and new hotel additionsWe

    have seen improving revpar growth for BTG. In our DB Access Chinaconference, management disclosed that blended RevPAR yoy growth acceleratedduring 4Q17 (RevPAR yoy growth: Dec > Nov >Oct). Management was confidentabout fulfilling their target of adding 400-450 hotels in 2017 (guided at thebeginning of 2017) and also guided that the company intends to add c.500 hotelsevery year over the next 4-5 years. The company guided that c.40% of additionswill be mid-scale hotels. They expect there will be c.1,000 mid-scale hotels by theend of 2019, which accounts for c.20% of total hotels. We will have more updateand review our model once the full year result has been announced.

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@





中牧股份 0.97 0.67 研报
温氏股份 0 0 研报
隆平高科 0.48 0.63 研报
牧原股份 0 0 研报
新希望 1.28 1.27 研报
正邦科技 0.38 0.46 研报
大北农 1.23 0.96 研报
海大集团 0.62 0.64 研报
生物股份 0.44 0.55 研报
三花智控 1.34 0.72 研报
金城医药 1.02 0.33 研报


长春高新 24 持有 买入
长春高新 23 持有 买入
中青旅 23 持有 持有
三一重工 22 持有 持有
贵州茅台 22 持有 持有
中国国旅 22 持有 持有
隆基股份 21 持有 持有
中国国旅 21 持有 持有
五粮液 21 持有 持有
上汽集团 21 持有 买入
隆基股份 21 持有 持有
贵州茅台 21 持有 持有
三一重工 20 持有 持有
贵州茅台 20 持有 持有
山西汾酒 20 持有 持有
桐昆股份 20 持有 持有
光线传媒 20 持有 买入