External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Atour Lifestyle Holdings / Equity Bottom-Up

<ul><li>The hotel sector continues to be under pressure in 4Q24E as weakness is seen during the post-National Day holidays period, and this may have explained management’s prudent guidance of hotel RevPAR in FY24E.</li><li>However, supported by accelerated store expansion, better-than-expected hotel supply chain sales and robust retail business, we are still optimistic about FY25E.</li><li>Maintain BUY and raise TP to US$ 32.01, based on 18x FY25E P/E (rolled over from 23x FY24E P/E), vs current valuation of 15x FY25E P/E.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The hotel sector continues to be under pressure in 4Q24E as weakness is seen during the post-National Day holidays period, and this may have explained management’s prudent guidance of hotel RevPAR in FY24E.However, supported by accelerated store expansion, better-than-expected hotel supply chain sales and robust retail business, we are still optimistic about FY25E.Maintain BUY and raise TP to US$ 32.01, based on 18x FY25E P/E (rolled over from 23x FY24E P/E), vs current valuation of 15x FY25E P/E.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Atour Lifestyle (ATAT US) - Prudent RevPAR Outlook Offset by Other Initiatives

<ul><li>The hotel sector continues to be under pressure in 3Q24E and we are still cautious about a potential improvement in 4Q24E.</li><li>However, Atour’s retail sales business and better-than-expected sales of hotel supplies can still more than offset the drags from its hotel segment.</li><li>Moreover, the new dividend payout policy is a big positive surprise and could raise its FY24E yield to around 3% to 4%. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The hotel sector continues to be under pressure in 3Q24E and we are still cautious about a potential improvement in 4Q24E.However, Atour’s retail sales business and better-than-expected sales of hotel supplies can still more than offset the drags from its hotel segment.Moreover, the new dividend payout policy is a big positive surprise and could raise its FY24E yield to around 3% to 4%. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Atour Lifestyle (ATAT US) - Guidance Raised Again Plus Massive Dividends

<ul><li>The hotel sector has been under pressure in 2Q24 QTD (post-holidays leisure demand is weak and business recovery is slow), and therefore, the outlook is still conservative.</li><li>However, Atour’s retail business has performed well to more than offset this drag. Hence with a healthy retail sales growth target upgrade, we maintain BUY and raise TP to US$27.72, based on 23x FY24E P/E (from 20x), which is still not demanding, given a 29% sales/ 31% adj. net profit CAGR during FY23-26E.</li><li>2Q24E outlook is still conservative. Management is still highly cautious about the hotel demand, because of the macro uncertainty (post-holidays and weekend orders have been week vs last year) and they are still foreseeing a potential YoY drop in RevPAR in 2Q24E. O</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The hotel sector has been under pressure in 2Q24 QTD (post-holidays leisure demand is weak and business recovery is slow), and therefore, the outlook is still conservative.However, Atour’s retail business has performed well to more than offset this drag. Hence with a healthy retail sales growth target upgrade, we maintain BUY and raise TP to US$27.72, based on 23x FY24E P/E (from 20x), which is still not demanding, given a 29% sales/ 31% adj. net profit CAGR during FY23-26E.2Q24E outlook is still conservative. Management is still highly cautious about the hotel demand, because of the macro uncertainty (post-holidays and weekend orders have been week vs last year) and they are still foreseeing a potential YoY drop in RevPAR in 2Q24E. OContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Atour Lifestyle (ATAT US) - Guidance Raised, Backed by Robust Retail Sales

<ul><li>4Q23 results were a slight beat but the FY24E guidance is slightly disappointed.</li><li>However, we are not that pessimistic because: 1) sequential improvement is likely (high base in 1H), 2) OCC rate is still the best among its peers implying further market share gains, and 3) PMI has started to improve in Mar 2024.</li><li>And a 16x FY24E P/E is not demanding at all given a 26%/ 41% 3-year sales/ net profit att. CAGR.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

4Q23 results were a slight beat but the FY24E guidance is slightly disappointed.However, we are not that pessimistic because: 1) sequential improvement is likely (high base in 1H), 2) OCC rate is still the best among its peers implying further market share gains, and 3) PMI has started to improve in Mar 2024.And a 16x FY24E P/E is not demanding at all given a 26%/ 41% 3-year sales/ net profit att. CAGR.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Atour Lifestyle (ATAT US) - Prudent Guidance but QoQ Recovery Is Likely

Thematic (Sector/Industry)

<ul><li>Upgrade our rating to OUTPERFORM on the consumer discretionary sector.</li><li>The foot traffic of the 2024 10-1 National Day holidays was strong (recovery rate has improved vs Mid-autumn and Dragon Boat Festival) but the spending power remained fairly week.</li><li>Even though the retail sales growth was still under pressure, a sequential improvement was observed compared with Sep 2024, and this should be able to support the further re-rating of the sector valuation. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Upgrade our rating to OUTPERFORM on the consumer discretionary sector.The foot traffic of the 2024 10-1 National Day holidays was strong (recovery rate has improved vs Mid-autumn and Dragon Boat Festival) but the spending power remained fairly week.Even though the retail sales growth was still under pressure, a sequential improvement was observed compared with Sep 2024, and this should be able to support the further re-rating of the sector valuation. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Discretionary - Sequential Improvement May Support Re-Rating

China

Atour Lifestyle Holdings Limited operates as a holding company. The Company, through its subsidiaries, owns and manages midscale hotel chain through offline and online channels, including mobile application and weixin-wechat mini program. Atour Lifestyle Holdings serves customers in China.

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Atour Lifestyle Holdings (ATAT US)

Atour Lifestyle (ATAT US) - Prudent RevPAR Outlook Offset by Other Initiatives

Maintain BUY and raise TP to US$ 32.01, based on 18x FY25E P/E (rolled over from 23x FY24E P/E), vs current valuation of 15x FY25E P/E.

CMB International

Atour Lifestyle (ATAT US) - Guidance Raised Again Plus Massive Dividends

The hotel sector continues to be under pressure in 3Q24E and we are still cautious about a potential improvement in 4Q24E.

CMB International

Atour Lifestyle (ATAT US) - Guidance Raised, Backed by Robust Retail Sales

The hotel sector has been under pressure in 2Q24 QTD (post-holidays leisure demand is weak and business recovery is slow), and therefore, the...

CMB International

Atour Lifestyle (ATAT US) - Prudent Guidance but QoQ Recovery Is Likely

Management mentioned that the RevPAR recovery so far in 2024 has been lower vs last year (CMBI est. 114%), however, this was actually an...

CMB International

Consumer Discretionary - Sequential Improvement May Support Re-Rating

Upgrade our rating to OUTPERFORM on the consumer discretionary sector. The foot traffic of the 2024 10-1 National Day holidays was strong

CMB International

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