[外行报告] 20100921 BNP Paribas 中国酒店行业分析 [推广有奖]

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iloverere 发表于 2010-9-26 14:40:45 |只看作者 |坛友微信交流群|倒序 |AI写论文

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20100921-BNPParibas China Hotel &Leisure

Contents
1) China budget hotels: 25% CAGR in 2009-12E .......................................................................................................................... 3
Better railways stimulate tourism demand.......................................................................................................................... 4
We expect to see the elimination of 1-3 star hotels............................................................................................................. 6
2) Shanghai Expo: Stellar 2Q; uncertainty ahead......................................................................................................................... 7
3) Pick the winner......................................................................................................................................................................... 10
Operating metrics at a glance .......................................................................................................................................... 10
Winning strategy: Strong franchise expansion .................................................................................................................. 14
7 Days Inn (TP: US$22.00; BUY): Undervalued play ........................................................................................................ 15
Home Inns (TP US$60.00; BUY): Early mover in tier-2 cities............................................................................................ 16
China Lodging (TP US$22.60; HOLD): Growth in the price .............................................................................................. 16
4) Company updates .................................................................................................................................................................... 19
Home Inns........................................................................................................................................................................ 20
7 Days Inn ........................................................................................................................................................................ 24
China Lodging ...............................................................................................................................