Despite continued qoq improvements, IHG’s 2022 results were barely in line with the consensus, mainly due to the subdued trading in China. This has been partly offset by an additional share buy-back of $750m in 2023. Not too much information helps to gain clearer visibility of the 2023 outlook, and the removal of pandemic-related travel restrictions in China should be constructive but in a progressive manner. We expect to trim our estimates moderately.
