Japan Experts, Extraordinary Performance, Astris Advisory Japan

Astris Advisory Japan

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Japan Experts, Extraordinary Performance

Equity Bottom-Up

<ul><li>Expansion plans on track – Q1 FY3/27 results were softer than expected; despite sales growth driven by new hotel openings, profitability declined YoY reflecting higher variable rents, softer revenue at some existing hotels, and rising operating and new- opening costs.</li><li>FY guidance was maintained, indicating expectations of stable inbound demand going forward.</li><li>The key takeaway was that management remains focused on reaching its Medium-Term Management Plan of 150 hotels and 20,000 rooms in FY3/31; the company has contracted to open eight new hotels in Q1 FY3/27 (versus two in Q1 FY3/26), bringing the running total to 126 hotels with 17,869 rooms.</li></ul>

Expansion plans on track – Q1 FY3/27 results were softer than expected; despite sales growth driven by new hotel openings, profitability declined YoY reflecting higher variable rents, softer revenue at some existing hotels, and rising operating and new- opening costs.FY guidance was maintained, indicating expectations of stable inbound demand going forward.The key takeaway was that management remains focused on reaching its Medium-Term Management Plan of 150 hotels and 20,000 rooms in FY3/31; the company has contracted to open eight new hotels in Q1 FY3/27 (versus two in Q1 FY3/26), bringing the running total to 126 hotels with 17,869 rooms.

Polaris Holdings (3010 JP) - Expansion Building Scale and Visibility