• Double-digit growth strategy – Led by capable management and a strategy centered on sustaining double-digit growth, we view the earnings outlook for Polaris Holdings as positive. Management aims to outperform the market by 1) increasing its domestic footprint organically and via M&A, 2) driving domestic demand via brand integration and loyalty programs, and 3) portfolio repositioning by diversifying to resilient geographic regions and increasing the brand portfolio to apartment hotels, onsen/lifestyle, and resort hotels. The core message is that growth should be sustained despite near-term volatility in inbound demand, supported by substantial expansion opportunities in the domestic market as a leading hotel operator.