Nomura Securities on Lodging: Q2 Preview: Kicking off Season with Marriott (MAR), A 'Top Pick'
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Up: 21 | Down: 24 | New: 29
Rating Summary:
15 Buy, 9 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
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Nomura Securities on Lodging: Q2 Preview: Kicking off Season with Marriott (MAR)
Analyst, Harry C. Curtis, said, "As usual, Marriott (NYSE: MAR) will kick off earnings season Wednesday night with what we believe will be a strong, but essentially in-line result. Positives should include ~7.4% RevPAR growth, 12% fee growth, and another ~$200m of share repurchase. Investors will be listening for any signs of slowdown, given the softer global (and U.S.) economies. We expect no change in the 6-8% RevPAR outlook, but wouldn’t be shocked to see 3Q RevPAR +/- 50 bps below 2Q, as some groups in the quarter could be delaying commitments." (MAR remains a Top Pick)
"Overall, 2Q results should be in line with our estimates and are not likely to deviate much from consensus. Total U.S. RevPAR increased ~7.8% and Upper Upscale RevPAR rose 7.5%, mirroring our 7-8% RevPAR forecast for the group. We expect prior guidance ranges to be largely unchanged; however, MAR, Starwood (NYSE: HOT) and Host Hotels (NYSE: HST) should provide additional commentary on the trajectory of the group demand recovery. This is important because we expect group demand to drive 2013 ADR, margin, and IMF growth."
For MAR, Nomura sees Q2 EPS at $0.43, FY12 at $1.70.
On Hyatt (NYSE: H), sees Q2 EPS of $0.26, FY12 at $0.67.
Wyndham Worldwide (NYSE: WYN), sees Q2 of $0.84, FY12 at $3.19.
Starwood (NYSE: HOT), Q2 EPS estimate of $0.62, FY12 at $2.46.
Host (NYSE: HST), Q2 EPS estimate at $0.35, FY12 at $1.06.
Choice Hotels (NYSE: CHH), Q2 EPS estimate is $0.53, FY12 is $2.15.
Gaylord Entertainment (NYSE: GET), Q2 EPS estimate at $0.22 and FY12 at $0.61.
Note - Nomura maintains a 'Neutral' rating on all of the covered hotel stocks expect Marriott, which they have a 'Buy/Top Pick'
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Analyst, Harry C. Curtis, said, "As usual, Marriott (NYSE: MAR) will kick off earnings season Wednesday night with what we believe will be a strong, but essentially in-line result. Positives should include ~7.4% RevPAR growth, 12% fee growth, and another ~$200m of share repurchase. Investors will be listening for any signs of slowdown, given the softer global (and U.S.) economies. We expect no change in the 6-8% RevPAR outlook, but wouldn’t be shocked to see 3Q RevPAR +/- 50 bps below 2Q, as some groups in the quarter could be delaying commitments." (MAR remains a Top Pick)
"Overall, 2Q results should be in line with our estimates and are not likely to deviate much from consensus. Total U.S. RevPAR increased ~7.8% and Upper Upscale RevPAR rose 7.5%, mirroring our 7-8% RevPAR forecast for the group. We expect prior guidance ranges to be largely unchanged; however, MAR, Starwood (NYSE: HOT) and Host Hotels (NYSE: HST) should provide additional commentary on the trajectory of the group demand recovery. This is important because we expect group demand to drive 2013 ADR, margin, and IMF growth."
For MAR, Nomura sees Q2 EPS at $0.43, FY12 at $1.70.
On Hyatt (NYSE: H), sees Q2 EPS of $0.26, FY12 at $0.67.
Wyndham Worldwide (NYSE: WYN), sees Q2 of $0.84, FY12 at $3.19.
Starwood (NYSE: HOT), Q2 EPS estimate of $0.62, FY12 at $2.46.
Host (NYSE: HST), Q2 EPS estimate at $0.35, FY12 at $1.06.
Choice Hotels (NYSE: CHH), Q2 EPS estimate is $0.53, FY12 is $2.15.
Gaylord Entertainment (NYSE: GET), Q2 EPS estimate at $0.22 and FY12 at $0.61.
Note - Nomura maintains a 'Neutral' rating on all of the covered hotel stocks expect Marriott, which they have a 'Buy/Top Pick'
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