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China's largest hotel operator, running budget-to-upscale chains (Hanting, Ibis via JV, Steigenberger) across China and Europe.
China's largest hotel operator, running budget-to-upscale chains (Hanting, Ibis via JV, Steigenberger) across China and Europe.
Most hotels are run by franchisees who pay fees and use its booking and loyalty system, so it needs little capital, while hotels it owns or leases carry the rest. In Europe it owns Steigenberger (Deutsche Hospitality), bought in 2018.
In one line: China's Choice Hotels/Wyndham plus a European upscale arm.
Moat: narrow (brand, network effects, distribution). Large loyalty membership base and dense China hotel network drive repeat bookings and franchisee scale.
Headquarters: Shanghai, China · Founded: 2005 · Employees: 26,458
Size H World (1179.HK) is a Hong Kong Consumer Discretionary company (Hotels/Resorts/Cruise lines) with a market value of $15.3B, the 116th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$39.58 on 6 Nov 2026.
Performance Over six months the shares gained 3.2%, against +10.8% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 5th lowest of 19 in its peer set.
Growth Revenue grew 13.3% over the last twelve months (peer median +4.0%); the operating margin is 27.3% (peer median 19.1%).
Valuation It trades at 18.8× forward earnings against a peer median of 22.9× (9th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +19%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 9.2 points above its cost of capital (8.5% WACC).
Next results Next results expected around 16 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$29.7B | HK$27.4B | HK$25.9B | HK$24.2B | HK$16.1B |
| Revenue growth | — | +6% | +7% | +50% | — |
| Gross profit | HK$12.1B | HK$10.7B | HK$9.33B | HK$8.43B | HK$1.86B |
| EBITDA | HK$9.48B | HK$8.34B | HK$6.67B | HK$6.30B | HK$847M |
| Net income | HK$5.63B | HK$5.51B | HK$3.30B | HK$4.51B | -HK$2.12B |
| Free cash flow | HK$9.04B | HK$8.19B | HK$7.19B | HK$7.49B | HK$599M |
| Capital expenditure | HK$858M | HK$909M | HK$974M | HK$996M | HK$1.22B |
| Total debt | HK$39.6B | HK$40.2B | HK$37.7B | HK$39.5B | HK$49.3B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| H World 1179.HK | $15.3B | +3% | +13% | 27% | 18.8× | 6.2% |
| Shanghai Jin Jiang International Hotels 600754.SS | $3.18B | -16% | +5% | 14% | 19.5× | -8.1% |
| Marriott International MAR | $107B | +18% | +6% | 16% | 32.1× | 17.9% |
| Accor AC.PA | $12.8B | +12% | 0% | 16% | 22.9× | 14.4% |
| Choice Hotels International CHH | $5.29B | +12% | +2% | 25% | 15.8× | 4.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1179.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +19.6% | +12.6% | 4th highest of 19 |
| 6-month return | +3.2% | +10.8% | 5th lowest of 19 |
| Distance from 52-week high | -10.6% | -11.5% | 9th highest of 19 |
| Revenue growth (TTM) | +13.3% | +4.0% | 5th highest of 19 |
| Operating margin | 27.3% | 19.1% | 2nd highest of 19 |
| Forward P/E | 18.8× | 22.9× | 9th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 6.2% | 13.3% | 5th least demanding of 16 |
| Growth delivered (Del g) | +19.1% | +27.0% | 7th lowest of 16 |
| Hurdle (Req g minus delivered) | -12.8 pp | -7.8 pp | 6th least demanding of 16 |
| ROIC minus cost of capital | +9.2 pp | -2.0 pp | 3rd highest of 18 |
| EV / EBITDA | 14.9× | 13.9× | 8th most expensive of 18 |
| Net debt / EBITDA | 2.3× | 4.0× | 6th least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| H World 1179.HK | Hong Kong | $15.3B | +3% | +13% | 27% | 18.8× | 6.2% | +19.1% |
| Hyatt Hotels H | United States | $17.2B | +10% | +3% | 9% | 42.4× | 27.9% | +27.7% |
| Indian Hotels INDHOTEL.NS | India | $13.4B | +33% | +15% | 26% | 55.6× | 42.0% | +43.8% |
| Accor AC.PA | France | $12.8B | +12% | 0% | 16% | 22.9× | 14.4% | +28.3% |
| Hanjinkal 180640.KS | South Korea | $9.60B | +74% | +7% | 1% | 43.3× | n/a | n/a |
| InterContinental Hotels Group PLC Sponsored ADR IHG | United States | $25.3B | +19% | +3% | 24% | 23.8× | 12.7% | +16.6% |
| Norwegian Cruise Line NCLH | United States | $8.23B | +5% | +5% | 14% | 13.8× | n/a | n/a |
| Whitbread WTB.L | United Kingdom | $6.37B | +25% | +2% | 21% | 15.8× | 9.7% | +37.7% |
| Seibu 9024.T | Japan | $6.11B | +2% | -41% | 10% | 29.6× | n/a | n/a |
| Viking VIK | United States | $39.1B | +6% | +20% | 23% | 24.4× | 19.2% | +27.0% |
| Carnival CCL | United States | $39.8B | +13% | +5% | 16% | 12.4× | 14.5% | +36.6% |
| Vail Resorts MTN | United States | $5.66B | +26% | -4% | 16% | 27.9× | 9.6% | +8.2% |
| Wyndham Hotels & Resorts WH | United States | $5.64B | -6% | +1% | 37% | 15.2× | 1.8% | +1.8% |
| Choice Hotels International CHH | United States | $5.29B | +12% | +2% | 25% | 15.8× | 4.8% | +15.6% |
| Red Rock Resorts RRR | United States | $5.06B | -11% | +1% | 23% | 17.9× | 13.3% | +11.2% |
| Atour Lifestyle Holdings Ltd. Sponsored ADR ATAT | United States | $4.82B | -6% | +45% | 21% | 15.8× | 1.8% | +43.1% |
| Travel + Leisure TNL | United States | $4.54B | +15% | +5% | 17% | 8.8× | 3.2% | +11.2% |
| Monte-Carlo Societe des Bains de Mer BAIN.PA | France | $4.06B | +9% | +12% | 9% | n/a | 24.2% | +20.7% |
| ITC Hotels ITCHOTELS.NS | India | $3.85B | +5% | +65% | 25% | 34.6× | 37.0% | +64.8% |