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Analysts Offer Insights on Consumer Cyclical Companies: TJX Companies (TJX) and Trip.com Group Ltd. Sponsored ADR (TCOM)
Barclays Maintains Trip.com(TCOM.US) With Buy Rating, Maintains Target Price $84
BofA Securities Maintains Trip.com(TCOM.US) With Buy Rating, Raises Target Price to $77
[Brokerage Focus] Guosen Securities maintains an "Outperform Market" rating on Trip.com Group (09961), pointing out that international flight and hotel services remain an important growth driver.
Jingu News | Guosen Securities released research reports stating that Ctrip Group (09961) recorded third-quarter revenue of 15.87 billion yuan, up 15.5% YoY, exceeding market expectations (+13.9% YoY); Non-GAAP net income attributable to parent company was 5.96 billion yuan, up 21.8%, with adjusted EBITDA at 5.68 billion yuan, up 22.9%, outperforming market expectations (-2.5% and +14.4%, respectively). The revenue growth rate during the peak season for travel continued to improve on a high base, highlighting the platform's leading advantages; Q3 adjusted EBITDA margin increased by 2.1% YoY, surpassing market expectations.
Open Source Securities: The expansion of domestic demand policies optimizes and boosts confidence. OTA platforms are expected to accelerate their fundamentals in Q4 on a quarter-on-quarter basis.
In the new round of expansion cycle of the underlying supply, the destination service system, transportation network infrastructure, and online booking/traffic channels are constructing a new supply system in various upstream and downstream links to meet the diverse consumer tourism needs.
Daiwa: Upgraded Ctrip's target price to HK$675, raising earnings per share forecast for 2024 to 2026.
GLH November 21st | Daiwa released a report, the highlight of Ctrip's third quarter performance is the non-GAAP operating profit margin reaching 34.4%, higher than the market consensus, mainly benefiting from the operating leverage of the service contact center and the application of AI. The bank believes that the company is expected to achieve an annual growth rate of 15% to 25% between 2023 and 2028, due to the increase in market share and the growth in overseas revenue contribution. Daiwa expects that Ctrip's domestic travel revenue growth in the fourth quarter will accelerate to a low double-digit increase, while international hotel revenue growth will maintain a strong momentum, estimating that fourth-quarter related revenue growth will exceed 50% year-on-year.
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