Goldman Sachs initiated coverage on Huazhu Group (01179) with a "buy" rating and a target price of HK$380.
The research house said, near-term, solid domestic travel recovery with RevPAR decline continuing to narrow into end-2020, and potentially seeing some growth again in 2021. Medium-term, acceleration in market consolidation benefiting national chains. Long-term, Goldman believes Huazhu will evolve towards an ecosystem of brands, franchisees and customers to support portfolio growth and high utilization, and Goldman expects it to cross 10k hotels by 2022.
Goldman looks for 23%/29% CAGR of revenue/EBITDA between 2019-22.
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