oaogmilu

Jinjiang shares (600754) operating data review in April: internal pressure and dazzling overseas

Jinjiang shares (600754) operating data review in April: internal pressure and dazzling overseas
Event: Jinjiang shares released operating data for April 2019, and domestic hotel RevPAR decreased by 4.7%, overseas hotels RevPAR increased by 5.4%. Opinions: Domestic pressure, bright overseas.In April, the territory hotel RevPAR decreased by 4.7% (mid-to-high end -8.6% / Economy-12.3%), the overall occupancy rate fell by 6.0pct (medium to high end -5.7pct / economy-7.1pxt), housing prices increased by 2.7% (mid-to-high end-2.1%, economy type -3.9%).RevPAR of overseas hotels increased by 5 in April.4% (occupancy rate increased by 2.9pct, the average house price increased by 0.9%): Among them, overseas middle-end stores (Golden Tulip series) RevPAR increased by 13.4% (occupancy rate increased by 5.4 points, the average house price increased by 3.6%), overseas economic stores RevPAR increased by 2.0% (occupancy rate increased by 1.4pct, the average house price increased by 0.1%).Macroeconomic pressure & high base effect in April of 18, the company’s stores in the city are under pressure; stores outside the region are anti-good on the low base of 18, the data in April showed bright sleep, and the follow-up trend of the county in the context of the escalation of the trade war has uncertainties, butFrom the perspective of Gimme, in May, Hotel Min tried to stabilize, and in the second half of the year, it tried to reverse the strong opening of the store. The new stores were mainly from mid-end franchise stores.In April, it opened a total of 85 stores (-15 for economy / mid-end and 100 for mid-to-high end), and 188 net contracted stores (4 for economy / high-end 192).The 上海夜网论坛 new stores are mainly from the mid-end, and the store structure is accelerating. As of April 2019, the company has a total of 7,716 stores, of which 4,949 are economical / 64.1%, 2767 mid-end stores / 35 proportion.9%; the company’s reserve stores are 3724, of which 974 are economical / 26.2%, 2750 high-end / 73%.8%. Investment suggestion: From the perspective of growth space, the speed (volume) of opening a store, the optimization of the structure (price), the path of light asset expansion (increasing profit margin) remain unchanged, and the long-term growth of the hotel leader is highly certain; in the short term, it is suppressed only by the marginal growth rate of RevPARHowever, until RevPAR data stabilizes and reverses, the leader of the sprinkler store is expected to usher in a resonance of conversion and performance.Jinjiang has excellent wet resources, rich brands, and strong store openings. In the future, integration will continue to advance, and the expense ratio will be improved, which will release profitable space.It is estimated that the company’s revenue in 19-21 will be 150.96 billion / 158.02 billion / 165.7.9 billion, net profit attributable to mothers was 11.59 billion / 14.1.7 billion / 17.5.0 billion, corresponding to PE is 21 times / 17 times / 14 times.Maintain “Buy” rating. Risk warning: Macroeconomic risks, integration is less than expected.