• Twin growth engines – Operating an expanded hotel platform after the Minacia acquisition, Polaris reported strong Q1 FY3/26 results, demonstrating underlying OPM improvement (11.1% versus reported 9.3%) through operational efficiencies and scale merits, and capitalizing on a strong demand environment driven by sustained inbound demand. Key developments include hotel diversification, hotel co-investment with the sponsor, and consolidating hotel brands under Polaris’ “KOKO HOTELS” to expand brand presence. With a runway to achieve 15,000 hotel rooms in line with the medium-term plan, we believe the company will strengthen and cement its position as a top 10 player in the domestic limited-service hotel market.
