CLSA: H World Group Limited 1Q Adj. EBITDA Beats; TP Slightly Cut to USD56
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CLSA reported that H World Group Limited's 1Q adjusted EBITDA rose 24% YoY to RMB1.86 billion, exceeding forecasts by 9%. Despite strong leisure travel demand and an 11% YoY sales increase, same-store RevPar declined 2.3% YoY. CLSA slightly cut its target price for the company from USD57 to USD56 while maintaining an Outperform rating, citing higher operating costs and a slowdown in hotel count growth.
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