Trip.com (TCOM); (former Ctrip); HK 9961

Re: Trip.com (TCOM); (former Ctrip)

Postby winston » Mon Mar 08, 2021 1:49 pm

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US: Trip.com (TCOM US) - Looking past the soft holidays

Trip is the leading online travel agency (OTA) in China and is best positioned to benefit from the longer term growth in travel.

With a vast array of offerings including accommodation, transportation, packaged tours, corporate travel and other travel-related services, Trip is poised to benefit from rising middle class incomes in China.

Despite the near-term headwinds from COVID-19, we remain constructive on Trip as domestic China continues to demonstrate clear signs of recovery, even as we await better visibility into demand for outbound/international travel. BUY.

Source: OCBC
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Re: Trip.com (TCOM); (former Ctrip)

Postby winston » Fri Apr 09, 2021 1:07 pm

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TRIP.COM (TCOM US / 9961 HK)
Secondary listing in Hong Kong

TCOM is launching its Hong Kong public offering of 2.21mn shares at HK$333/share (US$42.95/share) and 29.4mn shares for the international offering.

The company is a leading one-stop travel platform globally, integrating a comprehensive suite of travel products and services and differentiated travel content.

Valuations are currently attractive at 91x/24x/18x FY2021/22/23F and the company is forecasted to report earnings per share growth (EPS) of 85%/280%/33% in FY2021/22/23F, according to consensus estimates.

Offer period opens on Thursday, 8 April and closes on Tuesday, 13 April 2021.

Allotment will be on Friday, 16 April
Trading starts on Monday, 19 April.

Source: KGI
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Re: Trip.com (TCOM); (former Ctrip); HK 9961

Postby winston » Thu Jun 03, 2021 2:07 pm

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Trip.com – BUY

Trip.com guided 2Q21 revenue to decline 30-35% vs 2Q19 as the domestic hotel and airticketing business had recovered to pre-pandemic levels.

In terms of the ASP for domestic hotels, the company still sees a subdued performance, but the air-ticketing ASP has surged to almost Rmb1,000 on average, higher than the similar period of 2019.

In terms of growth by each business segment, Trip.com expects accommodation,
transportation ticketing, package tour, corporate travel and others to see -25%/-40%/-
65%/15-20%/15-20% yoy growth vs 2Q19.

Management expects non-GAAP net income of Rmb300m-400m in 2Q21, representing about 7% of non-GAAP net profit margin.

In terms of overseas travel demand, Trip.com expects to see meaningful recovery by
2022. As a result, the 2021 result will lag behind 2019.

The company introduced Xing Qiu Hao (星球号) in Jan 21. It intends to continue to focus on optimising and complementing user experience as well as enabling merchants to provide tailor-made travel products and improve their cross-selling rate.

We maintain BUY with a target price of US$52.00 (HK$404.00), implying 23x 2022F
PE, 0.9x PEG against 2022-25 EPS CAGR of 29%.

Share Price Catalyst

Events: Vaccination progress, near-term domestic holiday may see consumer “revenge
spending” and implementation of travel bubbles/easing of overseas travel restrictions.

Timeline: 2H21

Source: UOBKH
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Re: Trip.com (TCOM); (former Ctrip); HK 9961

Postby winston » Wed Mar 08, 2023 7:24 am

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Trip.com surges back to huge profit

China's online travel platform Trip.com (9961) swung to a profit of 1.4 billion yuan (HK$1.58 billion) last year, compared with a loss of 550 million yuan in 2021.

Revenue for the period edged up 0.1 percent to 20.06 billion yuan.

The revenue of its transportation ticketing business in 2022 was 8.3 billion yuan, increasing 20 percent compared to a year ago.

For the fourth quarter, the net profit of Trip.com was 2.1 billion yuan.

The company's revenue in the last three months of 2022 was 5 billion yuan, recorded a quarter-on-quarter drop of 27 percent due to the surges of Covid-19 infections in certain regions of China and the winter.

However, outbound air-ticket bookings and hotel bookings jumped by over 200 percent and 140 percent year over year in the fourth quarter of 2022 respectively.

Source: The Standard

https://www.thestandard.com.hk/section- ... uge-profit
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Re: Trip.com (TCOM); (former Ctrip); HK 9961

Postby winston » Wed Mar 08, 2023 8:48 am

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Trip.com (9961 HK)
4Q22: Earnings Beat; Robust 1Q23 Guidance On Pent-up Demand


TCOM delivered solid 4Q22 results. 4Q22 net revenue grew 7.5% yoy to Rmb5b and was
1.3% above pre-COVID-19 levels, in line with our expectations.

Non-GAAP net profit was Rmb498m, ramping up by 61% yoy, translating to net profit margin of 10%, beating our and street estimates.

TCOM guided 1Q23 revenue growth of 90-100% yoy or 3% below 4Q19 levels (55% above street estimates), on pent-up travel demand.

Maintain BUY with a higher target price of HK$453.00 (US$58.00).

Source: UOBKH

https://research.uobkayhian.com/content ... 3eaf40da3a
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Re: Trip.com (TCOM); (former Ctrip); HK 9961

Postby winston » Wed Mar 08, 2023 10:48 am

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Trip.com Group Ltd (9961 HK/TCOM US)

Bouncing back stronger


4Q22 revenue grew 7% y-o-y to Rmb5bn, driven by strong transportation ticketing growth

Non-GAAP earnings soared by 61% to Rmb439m, better than consensus of Rmb97m loss due to cost control

Raised FY23F/FY24F adjusted earnings by 4%/1% to reflect stronger travel demand

Earnings Alert: 4Q22 Non-GAAP net profit soared 61%, above market expectations, faster recovery pace ahead
4Q22 revenue grew 7% y-o-y to Rmb5bn, driven by strong transportation ticketing growth
Non-GAAP earnings soared by 61% to Rmb439m, better than consensus of Rmb97m loss due to cost control
Raised FY23F/FY24F adjusted earnings by 4%/1% to reflect stronger travel demand
Maintain BUY with higher TP of HK$400/ US$53


4Q22 Result Highlights

- 4Q22 revenue increased by 7% y-o-y to Rmb5bn, above market expectations.

- Segment-wise, accommodation reservation revenue decreased by 12% to Rmb1.7bn. Transportation ticketing services revenue grew by 45% to Rmb2.2bn. The strong growth was due to the strong recovery of overseas markets during the period, while outbound air-ticket bookings and hotel bookings increased by over 200% and 140% y-o-y in 4Q22.

- Corporate travel revenue decreased 25% to Rmb277m; packaged tour revenue decreased by 7% to Rmb370m.

- The opex ratio narrowed by 10 ppts from 91% in 4Q21 to 81% in 4Q22, mainly driven by 15% y-o-y decline in marketing expense amid the Covid outbreak and continued cost control efforts in several business lines.

- Non-GAAP net profit grew by 61% to Rmb498m, above market consensus of Rmb97m loss. The outperformance was mainly driven by stronger-than-expected overseas market growth and solid operating efficiency improvement.

Our view

--Management disclosed they have seen strong recovery of China’s outbound travel since the beginning of the year and expect faster growth in overseas markets in coming quarters.

- Looking into 1Q23, management shared that air ticketing and hotel bookings in domestic market have surpassed the same period in 2019, while outbound travel bookings increased 300% y-o-y (or 40% of 2019 level). We expect outbound travel growth will further release in 2Q and 3Q23 along with increased capacity of outbound routes. We expect 1Q23 revenue will recover to c.90% of the 1Q19 level, or growing 80% y-o-y, mainly driven by strong pent-up travel demand and resumption of business travel.

-In terms of margin, we expect Trip.com can achieve mid-teen operating margin in FY23, largely recovering to pre-Covid level, and an improvement from low-single digit margin in FY22. Management maintains confidence to achieve 20-30% operating margin in mid-long term, backed by larger business scale and improved operating efficiency across business lines.

- We revised up FY23F/FY24F Non-GAAP net profit earnings by 4%/1%, factoring in the faster-than-expected travel recovery pace. The earnings growth has adjusted to reflect higher marketing expenses after reopening. We now forecast FY23F / FY24F revenue growth of 65%/ 28% for FY23F/ FY24F, and non-GAAP net profit to increase by 320%/63% to reach Rmb5.4bn/ Rmb8.9bn in FY23F/FY24F.

- We believe Trip.com’s long-term growth profile remains robust, supported by structural changes in customer travel preference and further penetration in lower tier cities as well as solid expansion in overseas markets. We maintain our BUY rating and revise our TP to HK$400 / US$53 based on 25x FY24F adjusted net profit.

Source: DBS
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Re: Trip.com (TCOM); (former Ctrip); HK 9961

Postby winston » Thu Mar 09, 2023 10:49 am

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TRIP.COM (9961 HK / TCOM US)

Recommendation : BUY
Fair Value : HKD 385.00 (9961 HK) / USD 49.00 (TCOM US)

LOOKING FORWARD TO A BRIGHTER 2023.

Domestic hotel and air bookings surpassed 2019 levels
Strong pent-up demand for outbound travel
Continued improvement in the Europe and US markets, with a pickup of recovery in Asia

Trip.com’s 4Q22 net revenue rose 7.4% year-on-year (YoY) to CNY5.0b while non-GAAP net income increased 61.1% YoY to CNY498m.

Despite the impact of Covid-19 resurgence in 4Q22, both domestic hotel and air bookings have surpassed their 2019 levels.

Outbound travel bookings surged and recovered to more than 40% of their pre-pandemic levels in 4Q22, underscoring the strong pent-up demand.

We expect continued rebound in outbound travel which could accelerate in 2Q23 as flight capacity gradually restores.

Trip.com’s international business continued to improve in 4Q22, benefitting from the reopening of borders and the lifting of travel restrictions.

Europe and the US markets continued to recover towards normalcy while the Asia market was playing catch up.

We continue to see Trip.com as a key beneficiary of the recovery in tourism and could see further improvement in its earnings in 2023, barring unforeseen circumstances.

Source: OCBC
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Re: Trip.com (TCOM); (former Ctrip); HK 9961

Postby winston » Tue Apr 18, 2023 2:19 pm

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TRIP.COM(9961)

Analysis:

The company offer accommodation reservation, transportation ticketing, packaged tours, and corporate travel management services, as well as other travel-related services to meet the various booking and traveling needs of both leisure and business travelers through the company travel platform.

Recently, various platforms released the Labour Day Golden Week's data, among which Trip.com data shows that the number of bookings in many places during the Golden Week period has surpassed that of the same period in 2019.

Among them, Chengdu, Changsha, Zhuhai and other popular tourist destinations, all exceeded 30% of the same period in 2019.

The data reflect that domestic tourism is recovering well, and the demand for tourism after the epidemic is strong, which will benefit tourism and other related industries.

Strategy:
Buy-in Price: $287.20, Target Price: $310.00, Cut Loss Price: $268.00

Source: Phillips
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Re: Trip.com (TCOM); (former Ctrip); HK 9961

Postby winston » Tue Feb 25, 2025 11:25 am

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Trip.com Group Limited announced its unaudited financial results for the fourth quarter and full year of 2024.

International businesses experienced robust growth across all segments in the fourth quarter of 2024.

Outbound hotel and air ticket bookings have recovered to more than 120% of the pre-COVID level for the same period in 2019.

Air ticket and hotel bookings on its international OTA platform increased by over 70% year-over-year.

Inbound travel bookings surged by more than 100% year-over-year.

Net revenue for the fourth quarter was RMB12.7 billion (US$1.7 billion), representing a year-over-year growth of 23%.

Net income for the fourth quarter was RMB2.2 billion (US$300 million), compared to RMB1.3 billion for the same period in 2023.

Adjusted EBITDA for the fourth quarter was RMB3.0 billion (US$408 million), an improvement from RMB2.9 billion for the same period last year.

Source: Phillips
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Re: Trip.com (TCOM); (former Ctrip); HK 9961

Postby winston » Tue Feb 25, 2025 2:24 pm

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TRIP.COM-S Descends ~7% Post-results as 4Q Adj. EBITDA Leaps 4.4%

TRIP.COM-S announced before the market opened this morning its results for 4Q ended December 2024.

Its revenue reached RMB12.768 billion, up 23.5% YoY, while its net profit leaped by 66.3% YoY to RMB2.157 billion, with EPS standing at RMB3.28.

Max. US$400M Shr Buyback Proposed

A final dividend of US$30 cents per share was declared.

The company's adjusted EBITDA grew by 4.4% to RMB2.98 billion, and its adjusted EBITDA margin came in at 23%, compared to 28% in the same period of 2023.

The Company planned to repurchase up to US$400 million of its ordinary shares and/or ADSs.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/analy ... stock-news
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