High Growth Stays; Revised Up FY26 Slightly

Research evidence excerpt

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M

Update

August 20, 2026 01:23 PM GMT

Atour Lifestyle Holdings Ltd | Asia Pacific

Morgan Stanley Asia Limited+

Dan Chee

Equity Analyst

High Growth Stays; Revised Up

FY26 Slightly

Praveen K Choudhary

Equity Analyst

AlphaSignals Earnings Reaction

Unchanged

Modest upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Atour Lifestyle Holdings Ltd (ATAT.O, ATAT US)

Hong Kong/China Leisure & Lodging | China

margin decline due to higher contribution from lower-margin businesses.

Stock Rating

Industry View

Price target

Up/downside to price target (%)

Shr price, close (Aug 19, 2026)

52-Week Range

Sh out, dil, curr (mn)

Mkt cap, curr (mn)

EV, curr (mn)

Avg daily trading value (mn)

Blended RevPAR was +0.7% YoY, with like-for-like RevPAR -3%. Atour saw July

Fiscal Year Ending

12/25 12/26e 12/27e 12/28e

RevPAR impacted by weather and delayed summer travel, but this has since

EPS (Rmb)**

Revenue, net (Rmb mn)

EBITDA (Rmb mn)

ModelWare net inc

(Rmb mn)

P/E

P/BV

ROE (%)

EV/EBITDA

11.61 13.65 16.12 17.26

9,790 12,958 15,592 17,730

2,361

2,720

3,266

3,487

1,621

1,907

2,254

2,412

Key Takeaways

2Q26 revenue grew 41% YoY, higher than our and consensus estimates, driven by

better supply chain and retail revenue. FY26 revenue guidance was revised up.

Adj. EBITDA (excl. SBC) rose 35% YoY, and core net income was up 31%, with

stabilized.

Hotel net openings were 87 in 2Q26, or 1H26 of 160 cumulatively, 40% of fullyear progress. F&M room growth was 19%, decelerating as expected.

The company bought back US$111mn of shares in 1H26 and 1Q26 dividend of US

$73mn amounted to US$184mn, on track to the target of at least US$230mn

return in FY26.

23.8

10.7

54.8

13.9

Overweight

Attractive

US$45.00

22

US$37.00

US$43.17-30.78

138

US$5,119

US$4,268

US$43.5

18.2

8.9

53.1

10.2

15.4

7.0

57.6

8.2

14.4

5.7

48.5

7.3

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

Others:

…