Re: Ctrip.com (CTRP)
Posted: Fri Nov 03, 2017 9:23 am
not vested
Expect short-term impact on domestic ticketing
3Q17 was another strong quarter with a non-GAAP net profit of Rmb1.6bn which came in ahead of both our and Bloomberg consensus’ estimates.
Ctrip continues to see strong international air ticketing growth which should partially offset the impact from the change in Ctrip’s default bundling option.
The expansion into lower-tier cities is progressing well.
We believe the recent share price declines have priced in the negative impact from the change in Ctrip’s default bundling option.
Reiterate Add with a lower DCF-based TP of US$56.0 due to cuts in FY18-19F EPS.
Source: CIMB
https://brokingrfs.cimb.com/XqnB-yylNaL ... Xu00A2.pdf
Expect short-term impact on domestic ticketing
3Q17 was another strong quarter with a non-GAAP net profit of Rmb1.6bn which came in ahead of both our and Bloomberg consensus’ estimates.
Ctrip continues to see strong international air ticketing growth which should partially offset the impact from the change in Ctrip’s default bundling option.
The expansion into lower-tier cities is progressing well.
We believe the recent share price declines have priced in the negative impact from the change in Ctrip’s default bundling option.
Reiterate Add with a lower DCF-based TP of US$56.0 due to cuts in FY18-19F EPS.
Source: CIMB
https://brokingrfs.cimb.com/XqnB-yylNaL ... Xu00A2.pdf