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<Research>JPM Keeps Overweight on HWORLD-S, Atour Lifestyle on Beneficial Industry Consolidation
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Over the past month, there was a clear divergence in the performance of Chinese hotel stocks, according to JPMorgan's research report. HWORLD-S (01179.HK) and JIN JIANG HOTELS (600754.SH) delivered excellent performance, while Atour Lifestyle (ATAT.US) and BTG HOTELS (600258.SH) underperformed the industry. So far this year, HWORLD-S and Atour Lifestyle recorded a growth of 41% and 59%, while JIN JIANG HOTELS and BTG HOTELS logged a decrease of 2% and an increase of 7% respectively. JPMorgan recommended investors overweighting HWORLD-S and Atour Lifestyle over the next 12 months, as their stronger brands and products offer clearer long-term growth prospects, and their valuations are consistent with or even cheaper than JIN JIANG HOTELS and BTG HOTELS. JPMorgan's tracking data also shows a slowdown in the addition of new rooms among the four covered hotels in 4Q25. So far, HWORLD-S and Atour Lifestyle have expanded at a markedly faster pace than JIN JIANG HOTELS and BTG HOTELS, indicating that industry consolidation trends are more beneficial for HWORLD-S and Atour Lifestyle. Ratings and target prices from JPMorgan for the aforementioned hotels are available in a separate table. AAStocks Financial News |
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