-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師總結如下：萬豪酒店集團第一季業績超出預期，調整後每股收益為2.72美元（年成長17%），高於市場普遍預期的2.55美元；全球每間可供出租客房收入（RevPAR）較去年同期成長4.2%，超過先前預期的上限。儘管受到中東市場波動的影響，但美國和加拿大RevPAR仍成長4.0%，國際RevPAR成長4.6%，主要得益於各客戶群和連鎖規模的強勁表現，抵銷了投資者對休閒旅遊淡季趨勢的擔憂。輕資產模式展現了營運槓桿效應，淨費用收入較去年同期成長12%（達14億美元），這主要得益於特許經營費（成長17%）和聯名信用卡費用的成長。管理階層將全年每間可供出租客房收入（RevPAR）預期從1.5%-2.5%上調至2.0%-3.0%，並將調整後EBITDA預期上調至58.8億美元-59.7億美元。開發動能依然強勁，新增客房數量達到創紀錄的61.8萬間（年成長5%），淨客房成長率達4.5%，為以特許經營為主的成長模式提供了有力支撐。然而，鑑於美國聯名信用卡對特許經營費收入的顯著貢獻，持續進行的美國聯名信用卡重新談判將成為下半年業績預測的關鍵影響因素。
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US Total Crude Oil Stocks Fall in Week Ended May 1
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Research
Research Alert: L: Q1 Revenue And Eps Miss, Though Results May Not Be Comparable To Consensus
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:L's Q1 revenue of CAD14.4B (+4% Y/Y) missed consensus by CAD90M, while adjusted EPS of CAD0.49 (+9% Y/Y) fell short of CAD0.52 estimates, though we think PC Financial's presentation in discontinued operations may affect comparability. Food retail same-store sales of 2.4% accelerated from Q4's 1.5%, with drug retail posting 4.1% growth. We view the solid same-store sales momentum as encouraging, particularly given internal food inflation remained well below the 4.4% CPI, indicating L's strong value proposition. Management reiterated 2026 guidance for high single-digit EPS growth and CAD2.4B in gross capex. Store expansion accelerated with 13 net openings, including five hard discount locations, aligning with consumer preference shifts toward value formats. Strong FCF of CAD621M (+189% Y/Y) supported aggressive share repurchases of CAD648M. We believe the pending PC Financial divestiture in Q3 2026 will simplify operations and provide additional capital flexibility for core retail growth.
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