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<Research>G Sachs Expects HWORLD-S 4Q25 Rev. to Beat, Maintains Cautious View on CTG DUTY-FREE
Recommend 7 Positive 4 Negative 4 |
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Goldman Sachs published a research report reiterating ratings at Buy for HWORLD-S (01179.HK)/ Atour Lifestyle Holdings (ATAT.US), as it was optimistic about their RevPar upside potential. It is expected that HWORLD-S's 4Q25 revenue will increase by 8% YoY, with full-year revenue rising by 6%, both higher than the guidance range. EBITDA within the year is estimated to reach RMB8.4 billion, beating market consensus. As for Atour Lifestyle Holdings, the broker forecasted 4Q25 EBITDA to rise by 57% YoY to RMB700 million, with full-year EBITDA being RMB2.5 billion, roughly in line with market consensus. Furthermore, Goldman Sachs projected TONGCHENGTRAVEL (00780.HK)'s 4Q25 revenue to grow by 13% YoY, in line with company guidance; and core OTA business to hike by 18% YoY, slightly higher than TRIP.COM-S (09961.HK)'s approx. 15% incline, mainly driven by low-teens YoY increase in hotel room bookings and low single digit YoY incline in average daily room rates. The broker was also optimistic about SAMSONITE (01910.HK), believing that the potential replacement cycle will drive demand for luggage, especially in the US market, which reopened earlier than Asia. It is expected that net profit for 2025 will fall by 20% YoY to US$295 million, in line with market consensus. Goldman Sachs maintained a cautious view on CTG DUTY-FREE (01880.HK) due to the unclear visibility of the sustainability of the recent strong momentum in Hainan duty-free sales. However, the broker still projected a turnaround in revenue for 4Q25, with a 20% YoY increase, compared to the decline in 2Q25 and flat performance in 3Q25. AASTOCKS Financial News Website: www.aastocks.com |
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