China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

[Atour Lifestyle (ATAT US, BUY, TP US$34) Target Price Change]: A Steady Expanding Year in 2023

[Atour Lifestyle (ATAT US) Target Price Change]: Strong Sales Growth Support Expansion, Maintain BUY

[Atour Lifestyle (ATAT US, BUY, TP US$35) Preview]: Retail and Summer Travelling Are Two Catalysts

Atour (ATAT.US) Preview: Expecting Weak 4Q22 and Strong 2023

Atour(ATAT.US) Initiation: Buy for First-Stage Single-Brand Network Expansion

China/Asia TMT

Shawn Yang

Equity Bottom-Up

Atour Lifestyle Holdings / Equity Bottom-Up

<ul>
<li>The strong travel demand in Jan. and Feb. had pushed up the industry-wide ADR nearing the 2019 level due the temporary hotel shortage, Atour especially benefited from the trend . </li>
<li>Except the positive industry trend, we think the releasing of requisitioned hotels and the expansion of Atour Light are the near-term catalyst for Atour. </li>
<li>We maintain the BUY rating and raise TP by US$1.5 to US$36.5</li>
</ul>


The strong travel demand in Jan. and Feb. had pushed up the industry-wide ADR nearing the 2019 level due the temporary hotel shortage, Atour especially benefited from the trend . 
Except the positive industry trend, we think the releasing of requisitioned hotels and the expansion of Atour Light are the near-term catalyst for Atour. 
We maintain the BUY rating and raise TP by US$1.5 to US$36.5


[Atour Lifestyle (ATAT US) Target Price Change]: Strong Recovery Bodes Well for 1Q23