乐博现金网登录66866BTG Hotels:Access China Conference highlights

乐博现金网登录66866BTG Hotels:Access China Conference highlights

BTG Hotels (600258.SS) attended our dbAccess China Conference today.
Keytakeaways from the conference are as follows:Accelerating RevPAR
growth in 4Q17 – BTG Hotels disclosed that blendedRevPAR yoy growth
accelerated during 4Q17 (RevPAR yoy growth: Dec > Nov >Oct) and
this trend also occurred at Jinjiang and China Lodging. This is
mainlydue to the super Golden Week in Oct 2017 (8 days of national
holidays includingMid-Autumn Festival which drives more homecoming than
traveling). As for thefull year 2017, BTG’s RevPAR growth is expected to
show a similar trend to thatof Jinjiang.

    Hotel expansion – Management was confident about fulfilling their
target ofadding 400-450 hotels in 2017 (guided at the beginning of 2017)
and also guidedthat the company intends to add c.500 hotels every year
over the next 4-5 years.

    Mid-scale hotel proportion – The company guided that c.40% of
additions will bemid-scale hotels. They expect there will be c.1,000
mid-scale hotels by the end of2019, which accounts for c.20% of total
hotels.

    M/F hotels proportion – The company disclosed that 70% of total
hotels are M/F hotels (Manachise or Franchise) currently. They expect
M/F hotels’ proportionwill gradually reach to 90% over the next 4-5
years.

    Hotel traffic breakdown – As for the hotel traffic, c.50% of total
comes from theirmembership or centralized reservation system (including
their website and APPs),c.15% comes from OTA, c.10% comes from corporate
and c.10% comes fromother channels (including walk-in).

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