H World Group – 2Q26 Beat and Upward Guidance Revision – Buy. We raise our 12m TP to US$65.40/HK$51 from US$63/HK$49 following a solid 2Q26 where headline EBITDA of Rmb2.7bn beat our estimates, driven by a higher blended take rate of 13.4% for China franchised and managed hotels. Management raised full-year franchised revenue growth guidance to 16-20% year-over-year and announced a new US$2.5bn three-year shareholder return plan, which we view as a positive surprise against investor concerns over slower Rev ...