In today’s briefing:
- [Atour (ATAT US, BUY, TP US$37) Review]: Small Differences Here & There but Overall Case Intact
[Atour (ATAT US, BUY, TP US$37) Review]: Small Differences Here & There but Overall Case Intact
- Atour (ATAT) reported C3Q24 revenue 2.3% lower than our estimate but 4.8% higher than consensus. The net income beat our estimate/consensus by 6.6%/9.5%, thanks to disciplined cost controls.
- Although RevPAR weakened in C3Q24 as expected, turnaround is coming already in C4Q24. We also expect moderate RevPAR growth in 2025.
- We keep the TP at US$37/ADS and maintain a TOP BUY on Atour.
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