Ctrip.com (CTRP)

Re: Ctrip.com (CTRP)

Postby winston » Fri Nov 03, 2017 9:23 am

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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
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Re: Ctrip.com (CTRP)

Postby winston » Thu Dec 07, 2017 9:27 am

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Dawn In The Darkness

Outbound travel data was strong in October due to the long Golden Week.

Passengers carried (pax) increased 11.7% yoy, while international pax increased 13.0% yoy, according to the CAAC.

We expect the favourable industry environment and solid overseas expansion to boost Ctrip’s top-line growth.

We cut our target price to US$57.00 (from US$60.00) as strong marketing expense weighs on margins.

Maintain BUY.

Valuation. According to Ctrip, overseas hotel and transportation ticketing maintained strong growth of 50% yoy and 40-50% yoy in 3Q17 and Oct 17 respectively.

However, we expect the increasing competition in lower-tier cities’ hotels to continue to weigh on Ctrip’s margins.

We cut our non-GAAP operating margin estimate by 2.2ppt for 2018 and 2.4ppt for 2019.

The stock is trading at 33x 2018F PE against 41% CAGR for 2018-21.


Source: UOBKH

https://research.uobkayhian.com/content ... af4eb610c3
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Re: Ctrip.com (CTRP)

Postby iam802 » Thu Dec 07, 2017 4:55 pm

CTrip rebrand to Trip.com for its globalization efforts.

https://skift.com/2017/11/19/ctrip-rela ... ncy-brand/
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Re: Ctrip.com (CTRP)

Postby winston » Sat Apr 21, 2018 11:43 am

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Ctrip.Com International Ltd (ADR) Stock Looks Like a Bargain

CTRP stock could rally to $65 and up in a hurry

By LUKE LANGO

Revenue growth was 76% two years. It fell back to 39% last year, and is expected to be just 20% this year.

China travel is still booming. Chinese consumers are estimated to take almost 70% more trips overseas in 2020 than they did in 2015.

CTRP operates Skyscanner, one of the most successful flight metasearch sites in the world. Skyscanner has 17 million active users and has found particular success in Europe.

Last quarter, CTRP launched Trip.com, an Asia-Pacific-focused, one-stop international travel platform.


Source: Investor Place

https://investorplace.com/2018/04/ctrip ... at&cp=pdtk
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Re: Ctrip.com (CTRP)

Postby winston » Fri Nov 09, 2018 7:38 am

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Why Ctrip.com International Stock Tumbled Today

by Jeremy Bowman (TMFHobo)

What happened
Shares of Ctrip.com International (NASDAQ:CTRP) were sliding today after the Chinese online travel agency offered underwhelming guidance in its third-quarter earnings report. Though the company actually beat expectations on both the top and bottom lines, investors seemed turned off by investment losses and a pair of analyst downgrades, and the stock's slide this year continued.

So what
Revenue in the quarter rose 15% to $1.37 billion, which beat estimates at $1.34 billion. The owner of the Skyscanner fare-aggregator site saw exceptional growth in its international segment, with growth excluding Skyscanner tripling that of the industry, and revenue from Skyscanner's direct booking program surging 250% from a year ago.

However, costs widened as gross margin fell from 84% a year ago to 79%, and operating income fell 6% in constant currency to $215 million.

On a GAAP basis, the company posted a loss of $0.30 per American depositary share (ADS), due to losses on equity investments. That may have triggered a pair of downgrades from Credit Suisse and China Renaissance that seemed to be weighing on the stock.

Adjusted earnings in the quarter were better at $0.42 per ADS, down from $0.44, though that was still well ahead of estimates at $0.27.

CEO Jane Sun said:
Ctrip reported solid results in the third quarter of 2018. We are seeing our large, growing, and loyal customer base continue to increase their engagements on Ctrip. We are selling more travel products across our customers' travel itinerary. With our strong foundation in the travel industry, despite the ongoing macro uncertainty, we are confident that we are the best travel company to capture more travel market share going forward.

Now what
The company projected full-year revenue growth of 15% to 20%, which compares favorably with the analyst consensus at 15.7%. Though the company's fundamentals remain solid, pressure continues to weigh on Chinese stocks due to trade tensions and a weakening economy, as shares are now down 39% this year. Until those tensions pass or market sentiment improves, Ctrip will likely struggle to recover those losses.

Source: Motley Fool

https://www.fool.com/investing/2018/11/ ... today.aspx
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Re: Ctrip.com (CTRP)

Postby winston » Fri Nov 09, 2018 7:38 am

not vested

Why Ctrip.com International Stock Tumbled Today

by Jeremy Bowman (TMFHobo)

What happened
Shares of Ctrip.com International (NASDAQ:CTRP) were sliding today after the Chinese online travel agency offered underwhelming guidance in its third-quarter earnings report. Though the company actually beat expectations on both the top and bottom lines, investors seemed turned off by investment losses and a pair of analyst downgrades, and the stock's slide this year continued.

So what
Revenue in the quarter rose 15% to $1.37 billion, which beat estimates at $1.34 billion. The owner of the Skyscanner fare-aggregator site saw exceptional growth in its international segment, with growth excluding Skyscanner tripling that of the industry, and revenue from Skyscanner's direct booking program surging 250% from a year ago.

However, costs widened as gross margin fell from 84% a year ago to 79%, and operating income fell 6% in constant currency to $215 million.

On a GAAP basis, the company posted a loss of $0.30 per American depositary share (ADS), due to losses on equity investments. That may have triggered a pair of downgrades from Credit Suisse and China Renaissance that seemed to be weighing on the stock.

Adjusted earnings in the quarter were better at $0.42 per ADS, down from $0.44, though that was still well ahead of estimates at $0.27.

CEO Jane Sun said:
Ctrip reported solid results in the third quarter of 2018. We are seeing our large, growing, and loyal customer base continue to increase their engagements on Ctrip. We are selling more travel products across our customers' travel itinerary. With our strong foundation in the travel industry, despite the ongoing macro uncertainty, we are confident that we are the best travel company to capture more travel market share going forward.

Now what
The company projected full-year revenue growth of 15% to 20%, which compares favorably with the analyst consensus at 15.7%. Though the company's fundamentals remain solid, pressure continues to weigh on Chinese stocks due to trade tensions and a weakening economy, as shares are now down 39% this year. Until those tensions pass or market sentiment improves, Ctrip will likely struggle to recover those losses.

Source: Motley Fool

https://www.fool.com/investing/2018/11/ ... today.aspx
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Re: Ctrip.com (CTRP)

Postby winston » Fri Nov 09, 2018 10:19 am

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Ctrip.com International (CTRP US)
3Q18: Top-line Growth In-line; New Target Price Of US$27.00


Ctrip reported in-line top-line growth of 15% yoy in 3Q18. Non-GAAP net income was at Rmb1.7b, higher than consensus estimate of Rmb1.5m.

Ctrip reported a GPM of 78.7% in 3Q18, down 5ppt yoy, vs our estimate of 81%.

4Q18 net revenue growth was guided at 15-20% yoy, vs our and consensus estimate of 21%.

Downgrade to SELL. We lower our target price by 25% to US$27.00 on macro uncertainties, lower revenue growth in 4Q18/2019 guidance and a weak margin expansion outlook.

Source: UOBKH

https://research.uobkayhian.com/content ... 654c3edb4c
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