The 720: Asia Views, Samsung Electronics, Kuaishou, Kakao, China Education, GS Asia Consumer & Leisure Corp Day, Mitsubishi Electric

研报英文原文证据摘录

The 720: Asia Views, Samsung Electronics, Kuaishou, Kakao, China Education, GS Asia Consumer & Leisure Corp Day, Mitsubishi Electric

th New Oriental and TAL Education, driven

by steady revenue growth and solid margin expansion. We believe both stocks provide

an attractive risk-reward profile at current trough valuations, supported by healthy fiscal

2027 revenue growth expectations of 14% for New Oriental and 17% for TAL. Key

potential catalysts for valuation re-rating include solid fiscal 2027 guidance, new AI

education product releases, and enhanced execution in shareholder returns. We lower

our 12m TP for TAL to US$14.7 on incremental learning tablet pressure, while

maintaining our Buy ratings on both names. Timothy Zhao

GS Asia Consumer & Leisure Corp Day | H-World, A-Tour, Mao Geping, Bud APAC,

Yihai, Giant Biogene

H World Group – 2Q26 RevPar and hotel adds on track – Buy. We hosted management at

our APAC Consumer & Leisure Corporate Day, where they noted domestic RevPar

maintained positive year-over-year growth during the Dragon Boat Festival despite

unfavorable weather and weak air traffic. Year-to-date new signings and openings

remain on track to meet the full-year target of 2,200 to 2,300 gross additions, with half

located in lower-tier cities. Management is assessing financial conditions and expects to

announce another capital return program later this year after utilizing the remaining

quota of its US$2bn program. We believe travel demand is set to recover amid oil price

normalization, and maintain our Buy rating with a 12m TP of US$63 for the ADR and

HK$49 for the H-shares. Simon Cheung

Atour Lifestyle Holdings – Resilient RevPar and retail sales upside – Buy. We hosted

management at our APAC Consumer & Leisure Corporate Day, highlighting that

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