資源描述：
《全球-旅游與休閑業(yè)-旅游與休閑2018：聚焦競(jìng)爭(zhēng)優(yōu)勢(shì).docx》由會(huì)員上傳分享，免費(fèi)在線閱讀，更多相關(guān)內(nèi)容在行業(yè)資料-天天文庫(kù)。
1、Travel&Leisure2018FocusonCompetitiveAdvantage1November2018TimRamskill+442078837361tim.ramskill@credit-suisse.comTalGrant+442078834910tal.grant@credit-suisse.comJuliaPennington+442078880157julia.pennington@credit-suisse.comDISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTA
2、INSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaff
3、ecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.WhyCreditSuisseResearch?Highimpactresearchthatspansacrossassetclasses,sectors,andregions2WhyCreditSuisseAnalytics?Accesstoinnovativetools,models,andcapab
4、ilitiesatyourfingertips3Travel&Leisure2018FocusonCompetitiveAdvantage61.Catering&Vouchers–FavouringthelongtermwinnerAsdetailedinourIdeasEnginereport(Compass–Thecorporatemoatgetswideranddeeper,25thSept’18),ournewCompetitiveAdvantageModel(CAM)underpinsourpositiveviewon
5、CompassGroup(O/P,TP2010p)withthestrengthofitsUSdivisionandsuperiorgrowthattractive.WerateSodexoU/Pgivenlimitedgrowthandconcernregardinganeedtore-investmargintore-invigoratethebusiness.WeareNeutralonElior(N,TP€13.9)asonlyintheeventofcorporateactiontochangetheconglomer
6、atestructuredoesshareoutperformanceasimpliedbyourSOTPseemlikely.2.Hotels–Anon-consensussetofratingsFollowingtheCostadisposal,ourcontinuedpositiveviewonWhitbread(TP5600p)ispartlydrivenbythecorePremierInninvestmentcasebeingcompellingtogetherwithsignificantassetbacking.
7、InNovemberweupgradedIHG(O/P,TP5,650p)asweviewAvidasIHG'smostsignificantbrandlaunchinover25years,cashreturnpotential,themarketunder-estimatesthecostdeflationsupportedbyIHG'ssystemfund,whilethenewCEOispushingformoregrowthonimprovedefficiency.WeupgradedAccortoNinJan-18g
8、ivenpeerre-ratings,EuropeanmacrostrengthandthecompletionofProjectBooster.Keyratingchanges:3.Gaming–Regulationagiftandacursesofari
