Jinjiang HotelsDevelopment-A:Robust growth beyond market expectation in Q3;reiterate Buy

类型：公司研究机构：德意志银行研究员：德意志银行研究所日期：2017-11-06

3Q17core earnings increased by 44% yoy to RMB295m from RMB204min 3Q16.。

    Total revenue increased by 18% yoy to RMB3.74bn in 3Q17(fromRMB3.18bn in 3Q16), beat consensus 2H17topline growth of 5%.。

    Hotel business in mainland China is the main revenue growth driver(+19% yoy, RMB2.59bn in 3Q17vs. RMB2.18bn in 3Q16). 3Q17blendedRevPAR increased by c.7-8% per management disclosure.。

    The company added 206hotels in 3Q17(note that its midscale hotel brandVienna is still on fast expansion with 74hotels added in 3Q17).We also saw margin expansion in 3Q17, mainly thanks to sales expensegrowth slowdown (only 7% yoy growth in 3Q17vs. 39% yoy growth in1H17).。

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