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    Muneeba Kayani • Bank of America

    Muneeba Kayani's questions to InterContinental Hotels Group PLC (IHG) leadership

    Muneeba Kayani's questions to InterContinental Hotels Group PLC (IHG) leadership • H1 2025

    Question

    Muneeba Kayani of Bank of America asked about the sustainability of the 5.4% adjusted net system growth rate and the outlook for RevPAR trends and development activity in Greater China.

    Answer

    CEO Elie Maalouf expressed confidence in achieving the full-year net system growth consensus and aspires for more in the future, driven by a strong pipeline and conversions. For China, he stated the market is bottoming out, with Q2 RevPAR improving over Q1 and an expectation for a better second half. He highlighted record development signings and openings in the region, with the market absorbing the new supply.

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    Muneeba Kayani's questions to InterContinental Hotels Group PLC (IHG) leadership • H1 2025

    Question

    Muneeba Kayani of Bank of America asked if the recent 5.4% adjusted net system growth represents a sustainable new level for IHG and inquired about the current trading environment and development outlook in China.

    Answer

    CEO Elie Maalouf expressed confidence in meeting this year's net system growth consensus and aspires to do more over time, citing a strong pipeline and the early growth stages of many brands. On China, he stated the market is 'bottoming out,' with Q2 RevPAR improving over Q1. While the timing of a return to flat or positive RevPAR is uncertain, he highlighted record development progress with record signings and openings, indicating long-term optimism.

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    Muneeba Kayani's questions to ZIM Integrated Shipping Services Ltd (ZIM) leadership

    Muneeba Kayani's questions to ZIM Integrated Shipping Services Ltd (ZIM) leadership • Q1 2025

    Question

    Muneeba Kayani inquired about customer inventory levels, the potential for an early peak season due to tariff uncertainty, the company's stance on resuming Suez Canal transit, and the likelihood of landing in the upper or lower end of the full-year guidance range.

    Answer

    CFO Xavier Destriau explained that recent tariff volatility has driven a rush to ship cargo, potentially creating an early peak season as retailers who drew down inventories now restock. He stated that ZIM will not resume transit through the Red Sea until it is definitively safe, prioritizing crew and asset safety over fee discounts. Destriau also noted that significant uncertainty around tariff resolutions, with key dates in July and August, makes it premature to narrow the wide full-year guidance range.

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    Muneeba Kayani's questions to ZIM Integrated Shipping Services Ltd (ZIM) leadership • Q4 2024

    Question

    Muneeba Kayani inquired about ZIM's 2025 guidance, specifically how the timing of a Red Sea reopening impacts the forecast range. She also asked about the company's strategy regarding the proposed U.S. port charge on Chinese-built ships and sought comment on rumors of a management-led buyout.

    Answer

    CFO Xavier Destriau clarified that both the high and low ends of the 2025 guidance assume a Red Sea reopening, with the timing being the key variable. He stated ZIM is monitoring the U.S. port charge proposal, noting their exposure is between 25-50% and that mitigation would involve reconfiguring services and recovering costs. Citing company policy, he declined to comment on market rumors about a buyout, emphasizing management's focus on executing its long-term strategy.

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    Muneeba Kayani's questions to Deutsche Lufthansa AG (DLAKY) leadership

    Muneeba Kayani's questions to Deutsche Lufthansa AG (DLAKY) leadership • Q3 2024

    Question

    Muneeba Kayani of Bank of America requested an update on the recovery of corporate travel, asking where it stands relative to pre-pandemic levels, what recent trends have been observed, and what the outlook is for next year.

    Answer

    CEO Carsten Spohr confirmed a positive trend in corporate travel, particularly on the North Atlantic. He stated that overall recovery is at approximately 60% of pre-pandemic passenger volumes, though the pace of recovery is slow. He noted that the revenue recovery is stronger than the passenger recovery due to higher corporate yields.

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    Muneeba Kayani's questions to Ryanair Holdings PLC (RYAAY) leadership

    Muneeba Kayani's questions to Ryanair Holdings PLC (RYAAY) leadership • Q1 2025

    Question

    Muneeba Kayani of Bank of America asked for Ryanair's view on the Italian market after the Lufthansa-ITA deal and inquired about the CapEx outlook, including the impact of potential MAX 10 certification delays.

    Answer

    CEO Michael O'Leary welcomed the consolidation, predicting it will pivot ITA's capacity to feed Lufthansa's hubs, creating growth opportunities for Ryanair in Italian point-to-point markets. CFO Neil Sorahan reiterated CapEx guidance of €2.3B for the current year and stated that MAX 10 pre-delivery payments are not significant until closer to 2027, so certification delays would have minimal near-term financial impact.

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