欧洲酒店行业研究报告2009年10月

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We initiate on the European Hotel sector with a negative
stance. The sector has outperformed the E300 by 20% over
the past 3 months on, in our view premature expectations of
earnings recovery.
 We expect RevPAR to remain negative until Q3‟10 as
underlying demand, specifically for business travel, remains
weak.
 Based on previous cycles, we expect the sector to
underperform over the next 3-6 months driven by weak
RevPAR data.
 Whitbread [BUY - TP 1400p] is our top pick in the sector
because of its resilient market positioning, dominant market
share and solid long term growth prospects
 We initiate on IHG with a SELL recommendation [TP 650p] as
we forecast consecutive years of earnings declines in 2009
and 2010 driven by weak RevPAR and dramatically slowing
room growth
 We are cautious on the underlying trends at Accor [NEUTRAL;
TP

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关键词：行业研究报告 研究报告 酒店行业 行业研究 Expectations 研究报告 行业 酒店 欧洲

好资料！
好价格！！

又是一个买不起的，~~~~(>_<)~~~~

dddddddddddddddd

有必要这么贵么

这价格就是让人看看的么

有必要这么贵么

很好的报告，可惜好贵....貌似只有成为VIP才有可能看~~
:\'(

1# bigfoot0518

楼主,何必啊