富贵心水论坛|金六福心水论坛
招商期貨 |  招商致遠資本 |  招商投資 |  招商證券香港 |  English 官方微博 軟件下載 登錄web交易 專家在線 財管計劃 理財超市 網上招聘 營業網點實時行情

Online hotel booking: lower tier brings cheer

作者: Leo LIU,Matt MA
時間: 2019年04月12日
重要性: 一般報告
行業評級:
公司評級:
相關股票代碼:
閱讀權限:   該文章鉆石卡、金卡、銀卡客戶可閱讀全文
摘要: Report title:Online hotel booking: lower tier brings cheer
Analyst:Leo LIU,Matt MA
Report type:Industry
Date:20190412
[Summary]

■ Online hotel booking still has great potentials with rising penetration
■ Meituan Dianping (MTDP; 3690 HK; BUY; TP HK$70) has more edges to capture most of the increments in lower star hotels / lower tier cities
■ Oligopoly landscape in LT, more opportunities in vertical areas
Low star hotels and low tier cities should bring incremental growth
According to iResearch, China’s online hotel booking market size is estimated to reach RMB419bn by 2023 from RMB182bn in 2017. While China has much higher online penetration in other Internet subsectors (eC, O2O, payment, etc.), in online hotel booking market, the penetration is still lower comparing with most developed countries’ (2017: China 31.6% vs US 37.4%). We believe on demand side, Chinese consumers are already prepared to use more online hotel booking services, given their mature online spending behaviors and increasing willingness to spend on experiential consumption, but the insufficient supply side has hampered the penetration increase. As China’s hotel market is highly fragmented and unstandardized in the lower tier cities, digitalization of such hotels are more difficult as high CAC, high merchant development cost and low ADR can all limit the profitability. But in the meantime, most of the future incremental growth will also come from these lower star hotels in lower tier cities.
MTDP has know-hows and cost advantages in market expansion
By leveraging its abundant consumer traffic from high frequency food delivery and in-store businesses, MTDP can cross-sell hotel booking products with low CAC. Its ground promotional task force covering China’s most regions has accumulated abundant know-hows on relationship building with scattered and unstandardized merchants, thus can tap into lower tier cities hotel market with higher efficiency and lower cost. Therefore MTDP has more edges to better capture the incremental low tier growth among all players. On the other hand, through offline store expansions and heavy subsidies, Ctrip (CTRP US; NR) also received strong growth in low star hotels, but it’s unlikely to expand aggressively outside the current 100-150 top cities, due to less economic benefits. Meanwhile, its status in high end market is still unshakable due to comprehensive hotel supply, strong operating capabilities, business users’ recognitions, and high end users’ demands for services. With Skyscanner and Trip.com, Ctrip also has more potential in overseas market. Tongcheng-Elong (TCYL; 780 HK; NR) can leverage Ctrip’s hotel inventory and Tencent’s (700 HK; BUY; TP HK$423) traffic to better tap into lower tier cities as a complimentary to Ctrip.
Oligopoly landscape in the LT with opportunities in vertical segments
We maintain positive on the sector, and believe online penetration should surpass US’ in 1-2 years, mainly thanks to MTDP’s expansion in lower tier markets. We believe in the LT Ctrip, MTDP and TCYL will maintain their leading positions with MTDP continue to take share. Online hotel booking is more non-standardized comparing to other verticals with consumers have demands for diversified products, thus there will also be more opportunities in vertical segments (BnB, UGC communities, shared accommodation etc).

全文: CMS(HK) Research - Online hotel booking lower tier brings cheer [OVERWEIGHT] ~ Leo LIU,Matt MA.pdf
如果您不能打開pdf格式的文件,請您先下載PDF閱讀器
  - 鉆石卡用戶可閱讀全文    - 鉆石卡、金卡用戶可閱讀全文    - 鉆石卡、金卡、銀卡用戶可閱讀全文 
富贵心水论坛 快赢481走势图 火龙果计划app手机下载 如何打好线上德州扑克 划卡赚钱吗 三分pk10在线计划三 qq红包大小单双玩法 云南快乐10分钟 直播写字能赚钱吗 旧版单机斗地主下载 三肖六码3肖6码