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<Research>G Sachs: Healthy Spring Festival Tourism Data, Shiny Hotel Performance
Recommend 5 Positive 21 Negative 6 |
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The Spring Festival tourism data is overall healthy, Goldman Sachs opined in a report. Domestic tourist volume in Mainland China jumped up by 19% YoY, reaching 596 million trips, with tourism spending growing by 19% YoY to RMB803 billion. Outbound tourist volume mounted by 24% YoY to 4.8 million trips. The hotel industry delivered shiny performance during the Spring Festival, with RevPar achieving mid to high single-digit percentage growth YoY. Airline ticket prices also beat expectations, constrained by tight capacity, with domestic route prices adding 7% YoY and international route prices rising 15% YoY. Macau's average daily GGR was MOP786 million, up 5% YoY, but below the expected MOP850-900 million, partly due to lower-than-normal VIP win rate. Goldman Sachs believed the fundamentals are more favorable for Buy-rated hoteliers including HWORLD-S (01179.HK) and Atour Lifestyle (ATAT.US); and Macau casinos including GALAXY ENT (00027.HK), SANDS CHINA LTD (01928.HK); as well as airlines like AIR CHINA (00753.HK) and CHINA EAST AIR (00670.HK). AASTOCKS Financial News Website: www.aastocks.com |
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