| Yesterday | ||||
BofA analyst Billy Ng… BofA analyst Billy Ng downgraded Huazhu Group to Neutral from Buy with a $38 price target following its Q1 miss, citing limited visibility on a potential RevPAR recovery in both China and Germany. | ||||
| Tuesday | ||||
Pre-earnings options… Pre-earnings options volume in China Lodging is normal with puts leading calls 9:2. Implied volatility suggests the market is anticipating a move near 6.8%, or $2.39, after results are released. Median move over the past eight quarters is 5.5%. | ||||
| Over a week ago | ||||
Bearish flow noted in… Bearish flow noted in China Lodging with 9,416 puts trading, or 7x expected. Most active are Jul-20 30 puts and Jul-20 25 puts, with total volume in those strikes near 9,000 contracts. The Put/Call Ratio is 112, while ATM IV is up over 4 points on the day. Earnings are expected on June 24th. | ||||
| Over a month ago | ||||
Pre-earnings options… Pre-earnings options volume in China Lodging is normal with puts leading calls 3:2. Implied volatility suggests the market is anticipating a move near 5.0%, or $1.67, after results are released. Median move over the past eight quarters is 5.5%. | ||||
Bearish flow noted in… Bearish flow noted in China Lodging with 8,520 puts trading, or 3x expected. Most active are Sep-20 20 puts and Jul-20 25 puts, with total volume in those strikes near 7,300 contracts. The Put/Call Ratio is 189, while ATM IV is up nearly 3 points on the day. Earnings are expected on May 21st. | ||||
Bearish flow noted in… Bearish flow noted in China Lodging with 6,076 puts trading, or 1.8x expected. Most active are Sep-20 22.5 puts and May-20 25 puts, with total volume in those strikes near 5,800 contracts. The Put/Call Ratio is 196, while ATM IV is up over 2 points on the day. Earnings are expected on May 21st. | |
Bearish flow noted in… Bearish flow noted in China Lodging with 7,327 puts trading, or 6x expected. Most active are May-20 25 puts and Jun-20 22.5 puts, with total volume in those strikes near 6,800 contracts. The Put/Call Ratio is 61.57, while ATM IV is up nearly 6 points on the day. Earnings are expected on May 21st. | |
CLSA analyst Dylan Chu… CLSA analyst Dylan Chu upgraded Huazhu Group to Outperform from Sell. | |
Bearish flow noted in… Bearish flow noted in China Lodging with 17,278 puts trading, or 8x expected. Most active are May-20 25 puts and Dec-20 35 calls, with total volume in those strikes near 16,900 contracts. The Put/Call Ratio is 192, while ATM IV is up nearly 6 points on the day. Earnings are expected on May 21st. | |
As previously reported,… As previously reported, Credit Suisse analyst Lok Kan Chan upgraded Huazhu Group to Outperform from Neutral with a price target of $38, up from $34. The analyst notes that travel demand is weak amid COVID-19 but with the epidemic showing a decline, a positive trend is emerging in China. Traffic is still weak but the decline has continued to narrow from February into April, he adds. Kan Chan also pointed out that domestic travel is gradually rebuilding on easing travel restrictions and national policy for resuming production and work. |