Goldman Sachs: It is expected that the fourth quarter revenue of HWORLD-S (01179) exceeded expectations, maintaining a cautious view on China Tourism Group Duty Free Corporation (01880).

Goldman Sachs Group, Inc. has released a research report stating that they have reiterated their "buy" rating for HWORLD-S (01179) and Atour Lifestyle Holdings Ltd. Sponsored ADR group (ATAT.US), and they see potential for an increase in revenue per available room (RevPar). They expect H World Group Limited Sponsored ADR's fourth quarter revenue to increase by 8% year-on-year in 2025, with full-year revenue rising by 6%, both higher than the guidance range, and they expect EBITDA to reach 8.4 billion yuan in the year, beating market expectations. As for Atour Lifestyle Holdings Ltd. Sponsored ADR group, the bank expects EBITDA for the fourth quarter to increase by 57% year-on-year to 700 million yuan, with full-year EBITDA reaching 2.5 billion, roughly in line with market expectations. Furthermore, the bank expects TONGCHENGTRAVEL (00780) to see a 13% year-on-year increase in revenue in the fourth quarter of last year, in line with the company's guidance; core OTA business is expected to grow by 18% year-on-year, slightly higher than the approximately 15% growth of Trip.com Group Ltd. Sponsored ADR (09961), mainly driven by low double-digit growth in hotel room bookings and a slight increase in average daily room rates year-on-year. The bank also has a positive outlook on SAMSONITE (01910), believing that the potential replacement cycle will drive demand for luggage, especially in the US market which reopened earlier than Asia; they expect net profit to drop by 20% to $295 million in 2025, in line with market expectations. As for China Tourism Group Duty Free Corporation (01880), the bank maintains a cautious view, as the sustainability of the strong momentum in duty-free sales in Hainan in the recent period is uncertain. However, they still expect a turnaround in revenue in the fourth quarter of 2025, with a 20% year-on-year growth, compared to a decline in the second quarter and flat performance in the third quarter, and they expect net profit for the fourth quarter to be 800 million yuan, with full-year net profit reaching 3.8 billion yuan, a 10% year-on-year decrease.