Summary

  • InterContinental Hotels Group is one of the world’s leading hotel companies.
  • It has nearly 6,000 open hotels in more than 100 countries and a further 1,800 hotels in development pipeline.
  • The group has a portfolio of 17 brands in the Suites, Essentials, Premium and Luxury & Lifestyle categories.

IHG0.png

Company Overview

InterContinental Hotels Group (NYSE:IHG, LSE:IHG) is a global hospitality company, with 17 hotel brands and one of the loyalty programmes. IHG has nearly 6,000 open hotels in more than 100 countries and a further 1,800 hotels in its development pipeline.

IHG1.png

Recent Developments

IHG Hotels & Resorts signs InterContinental Tirana – a brand debut in Albania

27 JUNE 2022; IHG continues the expansion of its luxury & lifestyle growth in Europe with InterContinental Tirana set to open in 2025.1

IHG recently signed a Franchise Agreement with Mr. Ram Geci, Owner and President of Geci Group, one of Albania’s leading infrastructure companies, which also specialises in hospitality and tourism. The company has around 20 years’ experience in hospitality, having been a shareholder since 2004 and Sole Owner of Tirana International Hotel, Tirana, Albania, since 2011.

The new-build InterContinental Tirana hotel will have around 300 rooms and suites, a large conference centre with a ballroom and a capacity of up to 1,000 people for MICE (Meetings, Incentives, Conferences & Exhibitions) events and weddings. There will also be a luxury spa, and a rooftop restaurant and bar with panoramic views of the city. The hotel will be located within Tirana’s main Skanderbeg Square, close to key attractions such as the National Historical Museum, Castle of Tirana, Opera House, Art Gallery and the main institutions like the Albanian Parliament, Ministries, National Bank of Albania and Tirana Municipality. The property is just 15 minutes’ drive from Tirana International Airport.

HG Hotels & Resorts launches its premium voco brand in Japan with Osaka signing

22 JUNE 2022; HG Hotels & Resorts will launch its popular voco Hotels brand in Japan, following the signing of a management agreement with NTT Urban Development Corporation (that will be represented via its subsidiary UD Hospitality Management Corporation) that will see it open the flagship voco Osaka Central in 2023.2

The voco brand has seen phenomenal success since its global launch in 2018, and the signing of voco Osaka Central marks the 75th signing for IHG in just over three years, with 35 high quality properties already open around the world. As IHG experiences an unprecedented period of growth in Japan that’s recently seen it launch the Kimpton, Regent and Holiday Express brands into the market, it is now adding its lifestyle voco brand to its premium offering.

With a new brand comes a flagship opening, and the 191-room voco Osaka Central will bring a fresh and reliably different offering to Osaka’s accommodation landscape in 2023.

IHG Hotels & Resorts marks 6,000 hotels milestone with spectacular openings and partnerships to reward travellers

08 JUNE 2022; IHG Hotels & Resorts (IHG), one of the world's leading hotel companies, is celebrating 6,000 open hotels by unveiling the ‘6,000 Club’ and announcing partnerships with major sports and entertainment events.3

The 6,000 Club features a collection of stunning newly opened hotels from IHG’s iconic portfolio, showcasing the global reach of its 17 brands and the many ways its hotel teams delight owners and guests by delivering True Hospitality for Good, every day.

IHG2.jpg

Financial Highlights

2022 First Quarter Results

  • Q1 group RevPAR up 61% vs 2021 and attaining 82% of 2019’s level
  • Average daily rate up 27% vs 2021 and in line with 2019
  • Americas and EMEAA saw sequentially improved trading in February and March after a challenging January
  • Greater China trading in March impacted by tightening of localised travel restrictions
  • Gross system size growth of +4.9% YOY, +0.7% YTD; opened 6.6k rooms (45 hotels) in Q1, broadly similar to 2021
  • Net system size growth of +3.4% YOY (adjusted for Holiday Inn and Crowne Plaza removals in 2021), +0.5% YTD
  • Global system of 885k rooms (6,028 hotels); 68% across midscale segments, 32% across upscale and luxury
  • Signed 16.6k rooms (120 hotels) in Q1, ~15% more than 2021 and 2020; global pipeline increased to 278k rooms

Americas

Q1 RevPAR was down 8% vs 2019 (up 58% vs 2021). US RevPAR was down 6% vs 2019. Across the region, occupancy was close to 60%, down 6%pts on 2019, whilst rate was up 1%. Holiday Inn Express and its Extended Stay brands exceeded 2019 levels of RevPAR. Demand was boosted by a strong Spring Break vacation period, with leisure rooms revenue 10% higher than 2019 for the quarter overall. Leisure demand is expected to remain strong in the coming quarters. Together with growth in corporate bookings and more group activity and events returning, this should support further progress in both occupancy and rate.4

Gross system size growth was +2.7% YOY, with 2.2k rooms (23 hotels) opened in the quarter. Net system size growth was 1.2% YOY on an adjusted basis (for the Holiday Inn and Crowne Plaza removals that occurred over the balance of 2021, driven by last year’s review of the estates of these two brands). 7.8k rooms (73 hotels) were added to the pipeline, representing a further sequential improvement in the signings pace and exceeding the Q1 signings back in 2019.

EMEAA

Q1 RevPAR was down 33% vs 2019 (up 122% vs 2021). Occupancy was approaching 50%, down 21%pts on 2019, whilst rate was down just 4%. Previous restrictions, particularly on international travel, were generally being lifted over the course of the quarter in all markets, though the timing of these still resulted in a broad spread of performance within the region: Q1 RevPAR was down just 7% vs 2019 in the Middle East and 15% in the UK, whilst it was still 38% lower in Australia, 45% in Continental Europe, 58% in South East Asia & Korea and 64% in Japan.

Gross system size growth was +5.7% YOY, with 3.5k rooms (17 hotels) opened in the quarter. Net system size growth was 4.2% YOY on an adjusted basis. There were 2.3k rooms (15 hotels) added to the pipeline, around half being conversions.

Greater China

Q1 RevPAR was down 42% vs 2019 (down 7% vs 2021). Occupancy was 36%, down 16%pts on 2019, whilst rate was down 17%. The Winter Olympics boosted performance around Beijing, though overall Tier 2-4 cities continued to outperform Tier 1 cities. However, in March, travel restrictions implemented following increased Covid-19 cases led to RevPAR weakening to a 53% decline vs 2019, with around a third of the estate temporarily closed or repurposed.

Gross system size growth was +11.3% YOY, with 0.9k rooms (5 hotels) opened in the quarter. Net system size growth was 9.9% YOY on an adjusted basis. There were 6.6k rooms (32 hotels) added to the pipeline.

In April, IHG entered into a new $1.35bn syndicated bank revolving credit facility (RCF). The previous $1.275bn syndicated facility and $75m bilateral facility have been cancelled. The covenant amendments to the previous facility announced in December 2020, which included a relaxation of covenants for the June 2022 and December 2022 and the $400m minimum liquidity covenant, are no longer in effect.

The new five-year RCF matures in April 2027. Two one-year extension options are at the lenders’ discretion. There are two financial covenants: interest cover and leverage ratio. Covenants are tested at half year and full year on a trailing 12-month basis. Interest cover requires a ratio of Covenant EBITDA to Covenant interest payable above 3.5:1. The leverage ratio requires Covenant net debt to Covenant EBITDA below 4.0:1. These covenants now include the impact of IFRS 16, Leases, which was previously excluded due to ‘frozen GAAP’ treatment in the previous agreement.

IHG3.png

2021 Full Year Results

During the year ended 31 December 2021, total revenue increased by $513m (21.4%) to $2,907m including a $48m reduction in cost reimbursement revenue. Revenue from reportable segments increased by $398m (40.1%) to $1,390m, driven by improved trading conditions. Underlying revenue increased by $387m to $1,373m, with underlying fee revenue increasing by $314m. Owned, leased and managed lease revenue increased by $68m.5

Comparing to 2020, Group comparable RevPAR declined 34% in the first quarter, then grew 151% in the second quarter, 66% in the third quarter, 71% in the fourth quarter and 46% in the full year. When compared to the pre-pandemic levels of 2019, Group comparable RevPAR declined 51% in the first quarter, 36% in the second quarter, 21% in the third quarter, 17% in the fourth quarter and 30% in the full year.

Operating profit improved by $647m from a loss of $153m to a profit of $494m, including a $241m net reduction in operating exceptional items, a $91m improvement in the System Fund result, from a $102m deficit to an $11m deficit, and a $36m decrease in the charge for expected credit losses on corporate trade receivables. Operating profit from reportable segments increased by $315m (143.8%) to $534m, driven by improved demand and the delivery of sustainable fee business cost savings. Underlying operating profit increased $308m to $531m.

Fee margin increased by 15.5ppts to 49.6%, benefitting from the improvement in trading and focused cost management.

In the year to 31 December 2021, System Fund revenues increased $163m (21%) to $928m, primarily driven by the recovery in travel demand yielding higher assessment revenues. The System Fund income statement deficit reduced by $91m to $11m, primarily due to the rebound in travel demand and associated assessment income, partially offset by the reversal of temporary savings realised in 2020.

Net financial expenses decreased by $1m to $139m. Adjusted interest, as reconciled on page 223, and which excludes exceptional finance expenses, and adds back interest relating to the System Fund, increased by $12m to an expense of $142m. The increase in adjusted interest was primarily driven by increased average bond debt.

Financial expenses include $91m (2020: $69m excluding exceptional financial expenses) of total interest costs on public bonds, which are fixed rate debt. Interest expense on lease liabilities was $29m (2020: $37m).

The Group’s basic earnings per ordinary share is 145.4¢ (2020: basic loss per ordinary share: 142.9¢). Adjusted earnings per ordinary share increased by 115.7¢ to 147.0¢.

The Board is proposing a final dividend of 85.9¢ in respect of 2021, an amount equivalent to the withdrawn final payment in respect of 2019. No interim dividend was paid in respect of 2021.

IHG4.png

Business Overview

The company predominantly franchise its brands and manage hotels on behalf of third-party hotel owners and have a weighting to more resilient domestic non-urban markets.

The growth of its business relies on two fundamental growth drivers: revenue per available room (RevPAR) and increasing the number of rooms across its estate. RevPAR indicates the value guests ascribe to a given hotel, brand or market and grows when they stay more often or pay higher rates. Room supply reflects how attractive the hotel industry is as an investment from an owner’s perspective.

To drive growth, IHG has a portfolio of 17 brands across more than 100 countries in the Suites, Essentials, Premium and Luxury & Lifestyle categories. Supported by a leading loyalty programme and powerful technology, its brands meet clear guest needs and generate strong returns for its owners, which in turn attracts further hotel investment and grows its estate.

IHG is an asset-light business and its focus is on growing fee revenues and fee margins, which the company can do with limited capital requirements. This enables it to grow and invest in its business while generating high returns on invested capital and strong cash flow.

The company generally franchise or manage hotels, with the decision largely driven by market maturity, owner preference and, in certain cases, the particular brand. Hotels in the Essentials category tend to be franchised, while Luxury & Lifestyle hotels are predominantly managed.

The company's broad geographic spread and weighting towards essential business and domestic leisure travel has driven resilience relative to the wider industry during the pandemic. IHG is weighted towards non-urban markets which are less reliant on international inbound travel and less exposed to large group meetings and events. A combination of these factors, along with its enterprise capability, has allowed IHG to outperform the wider industry in RevPAR growth.

The company's asset-light business model requires a limited increase in IHG’s own operating expenditure to support its revenue growth, which delivers operating profit and fee margin growth.

For franchised hotels, the flow through of revenue to operating profit is higher than it is at managed hotels, given its well-invested scale platform where limited resources are required to support the addition of an incremental hotel. This is most evident in its Americas region, where fee margins are the highest, reflecting its scale and around 90% of its hotels operating under its franchised model.

IHG5.png

Brands

  • Six Senses Hotels Resorts Spas
  • Regent Hotels & Resorts
  • InterContinental Hotels & Resorts
  • Vignette™ Collection
  • Kimpton Hotels & Restaurants
  • Hotel Indigo
  • EVEN Hotels
  • HUALUXE Hotels and Resorts
  • Crowne Plaza Hotels & Resorts
  • voco hotels
  • Holiday Inn Hotels & Resorts
  • Holiday Inn Express
  • Holiday Inn Club Vacations
  • avid hotels
  • Staybridge Suites
  • Atwell Suites
  • Candlewood Suites
BrandsCurrentPipeline
HotelsRoomsHotelsRooms
Six Senses Hotels Resorts Spas211412332424
Regent Hotels & Resorts7219081938
InterContinental Hotels & Resorts207699177919730
Vignette™ Collection25396884
Kimpton Hotels & Restaurants7513297387723
Hotel Indigo1331671711919127
EVEN Hotels212994294907
HUALUXE Hotels and Resorts174893225762
Crowne Plaza Hotels & Resorts40611149110727856
voco hotels358523369701
Holiday Inn Hotels & Resorts119221584125149206
Holiday Inn Express303431940765883808
Holiday Inn Club Vacations28882200
avid hotels52467616113956
Staybridge Suites3183455915817284
Atwell Suites190222181
Candlewood Suites361320241078794

Industry Overview

The $360 billion hotel industry has compelling structural growth drivers, underpinned by factors including consumers’ inherent desire to travel, population growth, and an expanding middle class in emerging markets with increasing disposable incomes. While the pandemic suppressed demand during 2020 and 2021, demand has returned rapidly in domestic markets as government restrictions have lifted and vaccination rates increased. This demand has predominantly been in markets not exposed to cross-border trips and across essential business travel, though discretionary corporate travel and group events have begun to return.

Cost remains a significant barrier to building a scale position in the industry, whether that’s due to the investment required to build and maintain hotels, establish a strong loyalty programme or to market brands in a competitive marketplace. As such, the industry remains fragmented, with 54% of rooms affiliated with a global or regional chain.

Branded hotel penetration has steadily increased as a long-term trend and is expected to continue to grow as consumers look to trusted brands to meet their evolving expectations, particularly when it comes to state-of-the-art technology and the skills, scale and resources to provide more sustainable stays. Owners affiliated with a brand tend to generate higher returns

For the industry as a whole, it is not yet clear what impact there will be on demand from structural changes brought about by the pandemic, such as technology replacing elements of business travel. However, this may be offset by a greater use of hotels to facilitate a global shift to increasingly flexible working arrangements. In addition, there is scope for ‘bleisure’ demand, where flexible working creates potential for leisure demand to be combined with business stays.

It is likely that fluctuating Covid-19 restrictions will continue to create a volatile demand environment in the short term. However, the company anticipate the attractive industry fundamentals to be fully restored in the longer term. For example, STR forecast that US industry RevPAR will return to 2019 levels by the end of 2023.

References

  1. ^ https://www.ihgplc.com/en/news-and-media/news-releases/2022/ihg-hotels-and-resorts-signs-intercontinental-tirana-a-brand-debut-in-albania
  2. ^ https://www.ihgplc.com/en/news-and-media/news-releases/2022/ihg-hotels-and-resorts-launches-its-premium-voco-brand-in-japan-with-osaka-signing
  3. ^ https://www.ihgplc.com/en/news-and-media/news-releases/2022/ihg-hotels-and-resorts-marks-6000-hotels-milestone-with-spectacular-openings-and-partnerships
  4. ^ https://www.ihgplc.com/en/-/media/ihg/files/results/2022/q1-2022/q1-trading-update-30-march-2022-6-may-2022.pdf?la=en&hash=85FF8013CD0027CDDE035C2D7EC355BE
  5. ^ https://www.ihgplc.com/en/-/media/FBC3B4884AB449A4975A4302F38F1F7D.ashx
Created by Asif Farooqui on 2022/06/29 07:01
     

Become a Contributor

If you follow a company closely and would like to share your knowledge, we would love your contributions. Register Now and start editing!

Tag Cloud

  1. AU:DTL
  2. AU:PNC
  3. AU:SSR
  4. Bangladesh
  5. BD:ACI
  6. BD:AMCL(PRAN)
  7. BD:BATBC
  8. BD:BERGERPBL
  9. BD:BEXIMCO
  10. BD:BSRMLTD
  11. BD:GP
  12. BD:KOHINOOR
  13. BD:LANKABAFIN
  14. BD:MARICO
  15. BD:PREMIERCEM
  16. BD:RBBL
  17. BD:RENATA
  18. BD:ROBI
  19. BD:SINGERBD
  20. BD:SQURPHARMA
  21. BD:WALTONHIL
  22. CA:ABX
  23. CA:AC
  24. CA:AEM
  25. CA:AFI
  26. CA:AGI
  27. CA:BAM.A
  28. CA:BCE
  29. CA:BLDP
  30. CA:BMO
  31. CA:BNS
  32. CA:BTO
  33. CA:CCO
  34. CA:CM
  35. CA:CNQ
  36. CA:CNR.TO
  37. CA:CP
  38. CA:CSU
  39. CA:CU
  40. CA:CVE
  41. CA:EMA
  42. CA:ENB
  43. CA:FFH
  44. CA:FM
  45. CA:FSV
  46. CA:FTS
  47. CA:GFL
  48. CA:GIB
  49. CA:GWO
  50. CA:IFC
  51. CA:IMO
  52. CA:K
  53. CA:LULU
  54. CA:MFC
  55. CA:MG
  56. CA:MRU
  57. CA:MX
  58. CA:NA
  59. CA:NG
  60. CA:NTR
  61. CA:OTEX
  62. CA:POW
  63. CA:PVG
  64. CA:QSR
  65. CA:RBA
  66. CA:RCI.A
  67. CA:RY
  68. CA:SHOP
  69. CA:SJR.B
  70. CA:SLF
  71. CA:SSRM
  72. CA:SU
  73. CA:T
  74. CA:TA
  75. CA:TARD
  76. CA:TD
  77. CA:TECK
  78. CA:TFII
  79. CA:TRI
  80. CA:TRP
  81. CA:WEED
  82. CA:X
  83. CA:YRI
  84. Canada
  85. CH:ALSN
  86. CH:NESN
  87. CIPLA
  88. DE:TIMA
  89. EU:CCAP
  90. EU:HHFA
  91. FR:CEN
  92. FR:HCO
  93. GB:AAL
  94. GB:ABDN
  95. GB:ABF
  96. GB:ADM
  97. GB:AHT
  98. GB:ANTO
  99. GB:AUTO
  100. GB:AUY
  101. GB:AV
  102. GB:AVST
  103. GB:AVV
  104. GB:AZN
  105. GB:BA
  106. GB:BARC
  107. GB:BATS
  108. GB:BDEV
  109. GB:BHP
  110. GB:BME
  111. GB:BP
  112. GB:CCH
  113. GB:CPG
  114. GB:CTO
  115. GB:DARK
  116. GB:DGE
  117. GB:FERG
  118. GB:GLEN
  119. GB:HL
  120. GB:HSBA
  121. GB:IHG
  122. GB:III
  123. GB:IMB
  124. GB:INCH
  125. GB:NWG
  126. GB:NXR
  127. GB:OCDO
  128. GB:REL
  129. GB:RKT
  130. GB:SGE
  131. GB:SGRO
  132. GB:SKG
  133. GB:SMIN
  134. GB:SN
  135. GB:STAN
  136. GB:STJ
  137. GB:ULVR
  138. Great Britain
  139. HK:0995
  140. HK:1052
  141. HK:107
  142. HK:189
  143. HK:548
  144. HK:819
  145. HK:995
  146. IN:3MINDIA
  147. IN:ADANITRANS
  148. IN:BHARATFORG
  149. IN:CIPLA
  150. IN:CROMPTON
  151. IN:GODREJIND
  152. IN:HDFCAMC
  153. IN:IDEA
  154. IN:INDUSTOWER
  155. IN:LICI
  156. IN:LUPIN
  157. IN:LUPINE
  158. IN:MFSL
  159. IN:MOFSL
  160. IN:MOTHERSUMI
  161. IN:MUTHOOTFIN
  162. IN:NATCOPHARM
  163. IN:NATIONALUM
  164. IN:NBCC
  165. IN:NESTLEIND
  166. IN:NIACL
  167. IN:NMDC
  168. IN:OBEROIRLTY
  169. IN:OFSS
  170. IN:PAGEIND
  171. IN:PAYTM
  172. IN:PEL
  173. IN:PETRONET
  174. IN:PFIZER
  175. IN:PGHH
  176. IN:PIDILITIND
  177. IN:PIIND
  178. IN:PNB
  179. IN:PNBHOUSING
  180. IN:POWERGRID
  181. IN:QUESS
  182. IN:RAMCOCEM
  183. IN:RELAXO
  184. IN:SAIL
  185. IN:SANOFI
  186. IN:SBILIFE
  187. IN:SIEMENS
  188. IN:SRF
  189. IN:SUPREMEIND
  190. IN:TATAPOWER
  191. IN:TECHM
  192. IN:TITAN
  193. IN:TORNTPHARM
  194. IN:TORNTPOWER
  195. IN:TRENT
  196. IN:TVSMOTOR
  197. IN:UBL
  198. IN:ULTRACEMCO
  199. IN:UNIONBANK
  200. IN:UPL
  201. IN:VBL
  202. IN:WHIRLPOOL
  203. IN:ZEEL
  204. India
  205. Ireland
  206. JP:1070
  207. JP:2654
  208. JP:4220
  209. JP:4734
  210. JP:6916
  211. SG:BCY
  212. SG:F13
  213. UK:IHG
  214. US:AABA
  215. US:AAOI
  216. US:AAPL
  217. US:AAUKF
  218. US:ABEO
  219. US:ABUS
  220. US:ACAD
  221. US:ACAN
  222. US:ACBFF
  223. US:ACDVF
  224. US:ACHN
  225. US:ACIA
  226. US:ACRX
  227. US:ADAP
  228. US:ADMP
  229. US:ADMS
  230. US:ADXS
  231. US:AEM
  232. US:AEZS
  233. US:AFMD
  234. US:AGEN
  235. US:AGI
  236. US:AGRX
  237. US:AGTK
  238. US:AKAO
  239. US:ALDR
  240. US:ALIM
  241. US:ALQA
  242. US:AMC
  243. US:AMD
  244. US:AMDA
  245. US:AMIGF
  246. US:AMMJ
  247. US:AMN
  248. US:AMPE
  249. US:AMRN
  250. US:AMRS
  251. US:AMZN
  252. US:ANCUF
  253. US:ANFGF
  254. US:ANLDF
  255. US:ANTH
  256. US:ANY
  257. US:APHQF
  258. US:AQMS
  259. US:AQSZF
  260. US:ARDX
  261. US:ARGS
  262. US:ARLZ
  263. US:ARNA
  264. US:ARRY
  265. US:ARWR
  266. US:ASBFF
  267. US:ASHTF
  268. US:ATDRY
  269. US:ATHX
  270. US:ATNM
  271. US:ATOS
  272. US:ATRS
  273. US:AUPH
  274. US:AUY
  275. US:AVASF
  276. US:AVEO
  277. US:AVEVF
  278. US:AVGR
  279. US:AVIR
  280. US:AVP
  281. US:AVVIY
  282. US:AVXL
  283. US:AXON
  284. US:AXSM
  285. US:AZN
  286. US:BABA
  287. US:BAC
  288. US:BAESF
  289. US:BAM
  290. US:BBRY
  291. US:BCE
  292. US:BCOR
  293. US:BCS
  294. US:BHC
  295. US:BHP
  296. US:BIOA
  297. US:BIOC
  298. US:BLCM
  299. US:BLDP
  300. US:BLEVF
  301. US:BLOZF
  302. US:BLPH
  303. US:BLRX
  304. US:BMO
  305. US:BMRPF
  306. US:BNS
  307. US:BP
  308. US:BPMX
  309. US:BSTG
  310. US:BTDPF
  311. US:BTE
  312. US:BTG
  313. US:BTI
  314. US:BW
  315. US:BZUN
  316. US:CALA
  317. US:CANN
  318. US:CAPR
  319. US:CARA
  320. US:CASC
  321. US:CATB
  322. US:CBDS
  323. US:CCJ
  324. US:CEI
  325. US:CERC
  326. US:CERU
  327. US:CHK
  328. US:CIE
  329. US:CLDX
  330. US:CLF
  331. US:CLOV
  332. US:CLSN
  333. US:CLVS
  334. US:CM
  335. US:CMPGF
  336. US:CNAB
  337. US:CNAT
  338. US:CNBX
  339. US:CNI
  340. US:CNQ
  341. US:CNSWF
  342. US:CORT
  343. US:CP
  344. US:CPRX
  345. US:CRBP
  346. US:CRIS
  347. US:CRMD
  348. US:CTRV
  349. US:CU
  350. US:CUR
  351. US:CVE
  352. US:CVSI
  353. US:CYCC
  354. US:CYTR
  355. US:CYTX
  356. US:DCTH
  357. US:DEPO
  358. US:DGEAF
  359. US:DMPI
  360. US:DRKTF
  361. US:DRYS
  362. US:DVAX
  363. US:DXTR
  364. US:DYLLF
  365. US:EARS
  366. US:ECYT
  367. US:EDIT
  368. US:EGLT
  369. US:EKSO
  370. US:ELVT
  371. US:ENB
  372. US:ENDP
  373. US:ENRT
  374. US:ETRM
  375. US:EVC
  376. US:EXEL
  377. US:FATE
  378. US:FB
  379. US:FERG
  380. US:FINL
  381. US:FIT
  382. US:FLXN
  383. US:FOLD
  384. US:FQVLF
  385. US:FRFHF
  386. US:FSV
  387. US:FTR
  388. US:FTS
  389. US:FVE
  390. US:FWDG
  391. US:GALE
  392. US:GALT
  393. US:GBHPF
  394. US:GBT
  395. US:GERN
  396. US:GFL
  397. US:GIB
  398. US:GILD
  399. US:GLDFF
  400. US:GLEN
  401. US:GLYC
  402. US:GME
  403. US:GNCA
  404. US:GNMX
  405. US:GOLD
  406. US:GPRO
  407. US:GSAT
  408. US:GVXXF
  409. US:GWLIFU
  410. US:HLTH
  411. US:HMNY
  412. US:HRGLF
  413. US:HRTX
  414. US:HSBA
  415. US:HTGM
  416. US:HTZ
  417. US:HUSA
  418. US:ICPT
  419. US:IDRA
  420. US:IDXG
  421. US:IFCZF
  422. US:IHG
  423. US:IMBBF
  424. US:IMGN
  425. US:IMMU
  426. US:IMNP
  427. US:IMO
  428. US:IMUC
  429. US:INFI
  430. US:INPX
  431. US:INSM
  432. US:INVA
  433. US:ITEK
  434. US:IVITF
  435. US:JD
  436. US:JOBS
  437. US:JVA
  438. US:KAYS
  439. US:KEM
  440. US:KERX
  441. US:KGC
  442. US:KTOS
  443. US:KTOV
  444. US:LKM
  445. US:LODE
  446. US:LPCN
  447. US:LULU
  448. US:LXRP
  449. US:MACK
  450. US:MARA
  451. US:MBOT
  452. US:MBRX
  453. US:MDCL
  454. US:MDCO
  455. US:MEET
  456. US:MEIP
  457. US:MEOH
  458. US:MFC
  459. US:MGA
  460. US:MGWFF
  461. US:MNKD
  462. US:MOMO
  463. US:MQPXF
  464. US:MRNS
  465. US:MRTX
  466. US:MSFT
  467. US:MTRAFU
  468. US:MU
  469. US:MVIS
  470. US:MZOR
  471. US:NAK
  472. US:NBEV
  473. US:NBRV
  474. US:NEOS
  475. US:NG
  476. US:NH
  477. US:NLNK
  478. US:NMUS
  479. US:NTIOF
  480. US:NTNX
  481. US:NTR
  482. US:NVAX
  483. US:NVCN
  484. US:NVDA
  485. US:NVRO
  486. US:NWBO
  487. US:NWG
  488. US:NXTTF
  489. US:NYMX
  490. US:OCDGF
  491. US:OCLR
  492. US:OCUL
  493. US:OGRMF
  494. US:OMER
  495. US:ONCS
  496. US:ONTX
  497. US:ONVO
  498. US:OPGN
  499. US:OPHT
  500. US:OPK
  501. US:OPTT
  502. US:OTEX
  503. US:OTIC
  504. US:P
  505. US:PANXF
  506. US:PBYI
  507. US:PETS
  508. US:PETX
  509. US:PGNX
  510. US:PHOT
  511. US:PIRS
  512. US:PLSE
  513. US:PLUG
  514. US:PLX
  515. US:PRTO
  516. US:PSDV
  517. US:PTI
  518. US:PTN
  519. US:PTX
  520. US:PUFXF
  521. US:PULM
  522. US:PVG
  523. US:QRSRF
  524. US:QSR
  525. US:RAD
  526. US:RBA
  527. US:RBGPF
  528. US:RCI
  529. US:RCKT
  530. US:RDHL
  531. US:RDUS
  532. US:RELX
  533. US:REPH
  534. US:RGLS
  535. US:RIGL
  536. US:RNN
  537. US:RNVA
  538. US:ROX
  539. US:RSSFF
  540. US:RTTR
  541. US:RY
  542. US:SCYX
  543. US:SDRL
  544. US:SEGXF
  545. US:SENS
  546. US:SESN
  547. US:SGBY
  548. US:SGGEF
  549. US:SGMO
  550. US:SGYP
  551. US:SHOP
  552. US:SJR
  553. US:SKLN
  554. US:SLF
  555. US:SLFPF
  556. US:SMFTF
  557. US:SMGKF
  558. US:SNAP
  559. US:SNN
  560. US:SPHS
  561. US:SPLIF
  562. US:SPRWF
  563. US:SQ
  564. US:SRNA
  565. US:SRNE
  566. US:SRRA
  567. US:SSRM
  568. US:STJPF
  569. US:STLY
  570. US:STML
  571. US:STMP
  572. US:STRRF
  573. US:SU
  574. US:SWN
  575. US:SYN
  576. US:TAC
  577. US:TBQBF
  578. US:TD
  579. US:TECK
  580. US:TENX
  581. US:TEVA
  582. US:TFII
  583. US:TGOPF
  584. US:TGTX
  585. US:THCBF
  586. US:TK
  587. US:TMXXF
  588. US:TNDM
  589. US:TOP
  590. US:TRI
  591. US:TROV
  592. US:TRP
  593. US:TRTC
  594. US:TRVN
  595. US:TRXC
  596. US:TSG
  597. US:TSLA
  598. US:TTM
  599. US:TTNP
  600. US:TTNQY
  601. US:TU
  602. US:TVTY
  603. US:TWTR
  604. US:TXMD
  605. US:UBQU
  606. US:UNXL
  607. US:VAPE
  608. US:VBLT
  609. US:VCEL
  610. US:VDQSF
  611. US:VPCO
  612. US:VSTM
  613. US:WIT
  614. US:WLDFF
  615. US:WLL
  616. US:WMIH
  617. US:WMT
  618. US:XGTI
  619. US:XON
  620. US:XTNT
  621. US:XXII
  622. US:ZGNX
  623. US:ZSAN
  624. US:ZYNE
This site is funded and maintained by Fintel.io