【出版时间及名称】：2010年欧洲旅游酒店行业前景展望
        【作者】：摩根斯坦利
        【文件格式】：pdf
        【页数】：64
        【目录或简介】：
Leisure and Hotels
2010: 5 to Own, 5 to Avoid,
and 5 Possible Surprises
Five top picks for 2010:
1. Carnival – Early cyclical, yield recovery potential,
high margins and ROI, cheaper than other cyclicals.
2. Compass – Internal margin upside, cyclical recovery
potential, structural outsourcing growth, strong FCF.
3. Online Gaming – Resilient income streams, potential
from new European / US markets, consolidation plays.
4. Whitbread – the highest quality, fastest growing and
cheapest large cap hotel stock in Europe and the US.
5. TUI AG – liquidity position secure until 2012,