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

Re: Ctrip.com (CTRP)

Postby winston » Wed Jan 04, 2017 9:06 am

not vested

Ctrip’s leading position intact

We invited an online travel agent (OTA) specialist, Mr. He for a roadshow in HK.

In our opinion, Ctrip’s market leadership position remains intact, despite Fliggy and Meituan gaining some market share in air ticketing and hotel booking segments.

Outbound travel continues to drive Ctrip’s long term growth, and the recent acquisition of Skyscanner is an important step for Ctrip’s global ambitions.

We remain Overweight on the Chinese OTA industry. We reiterate our Add call on Ctrip, which is our sector top pick with TP of US$53.80.

Source: CIMB

https://brokingrfs.cimb.com/a1aqHtL2K_u ... CrvAQ2.pdf
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Re: Ctrip.com (CTRP)

Postby winston » Wed Feb 08, 2017 10:56 am

not vested

Riding On Resilient Margins And Strong Outbound Travel

Ctrip has built up high entry barriers with its strong R&D, largest local hotel network and exclusive OTA platform.

Online travel in China is still underpenetrated at 12% vs the US’ 44%. As the domestic market leader, Ctrip is expected to capture
the strong growth of online travel with further penetration into lower-tier hotels and various travel products.

Initiate coverage on Ctrip with a BUY on margin recovery and long-term global expansion.

Our target price of US$55.00 is based on SOTP.

Source: UOBKH

https://research.uobkayhian.com/content ... 3db2fa9655
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Re: Ctrip.com (CTRP)

Postby winston » Fri Feb 24, 2017 6:37 am

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Ctrip: Profit Margin At 2013 High; Morgan Stanley Raises Price Target

By Shuli Ren

China’s online travel agent Ctrip.com (CTRP) reported better-than-expected December quarter earnings.

Revenue at Ctrip grew 75.1% from a year ago to 5.6 billion yuan, at the high-end of its 70-75% growth guidance.

Operating margin came in at 18%, well above the street estimate of 14%, the highest level since 2013.

Morgan Stanley lifted its price target to $57 from $52 previously, seeing another 20% upside.

Analyst Amanda Chen wrote:

Operating income beat MSe mainly due to better than expected gross margin, which reached 78% in Q4, 3ppt higher than MSe; mgmt expects it will maintain at ~78% and might improve gradually in the long term.

Ctrip will be cautious on headcount increase in 2017, but investment for brand promotion and hotel coupons in lower tier cities and low end hotels will continue.

We raise our 2017/2018 revenue forecasts by 5%/5% and lift non-GAAP operating margin estimates by 2.4ppt/1.6ppt to 18%/23%, which drive the 10%/1.4% increases in our 2017/18e EPS.

The stock is now trading at 26.5x non-GAAP PE for 2018, vs ~19x for vertical peers – we think this premium is deserved due to the company’s dominant position in OTA market, its solid growth rate and fast margin improvement.

Ctrip has already risen 19% this year, part of the spectacular rally staged by Chinese stocks.

Source: Barron's Asia

http://blogs.barrons.com/asiastocks/201 ... ce-target/
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Re: Ctrip.com (CTRP)

Postby winston » Fri May 12, 2017 10:08 am

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Another strong quarter

Ctrip reported a non-GAAP NP of Rmb604m in 1Q17, 10% above our estimate and 27% above consensus. Key surprise was better-than-expected GPM expansion.

1Q17 marks the first set of results post Skyscanner consolidation; Ctrip is working closely with Skyscanner to help the latter develop direct-booking capacity.

We expect accommodation segment growth to re-accelerate, as Ctrip further invests in lower-tier cities.

We raise FY17-19F EPS by 0.2-3.0% to reflect higher margin assumptions.

Reiterate Add with a higher DCF-based target price of US$64.5

Source: CIMB

https://brokingrfs.cimb.com/IGZoNgBN4T3 ... X4pnA2.pdf
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Re: Ctrip.com (CTRP)

Postby winston » Fri May 12, 2017 11:52 am

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1Q17: Earnings Beat Estimates On Strong Margin Expansion

1Q17 revenue came in 2% above consensus estimates on strong transportation revenue growth.

Non-GAAP net profit increased 131% yoy to Rmb604m, beating consensus by 27%.

Non-GAAP EPS was Rmb1.10.

Gross margin and non-GAAP operating margin expanded 8ppt and 15ppt yoy to 80.5% and 15.4%.

CTRP guides 2Q17 net revenue growth of 40-45% yoy, in line with consensus.

We raise our target price to US$65.00 to reflect the strong margin expansion.

Maintain BUY.

Source: UOBKH

https://research.uobkayhian.com/content ... d5924de7f7
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Re: Ctrip.com (CTRP)

Postby winston » Fri May 12, 2017 1:32 pm

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ASIA STOCKS TO WATCH Ctrip: Buy the Dip?

By Isabella Zhong

So why the selloff in Ctrip shares?

It seems investors may have been spooked by the potential impact of closer regulatory scrutiny. Ctrip was investigated by the China Consumer Agency earlier this year for its practice of automatically signing up customers for add-on products without giving them the option of opting in or opting out.

Another issue that was brought up in Ctrip’s earnings call was the requirement introduced by another Chinese regulator in 2015 for China’s three state-owned airlines to generate at least half of their ticket revenues through direct sales by 2019.


Ctrip shares have gained 35% this year and trade at 44 times forward earnings.


Source: Barron's

http://www.barrons.com/articles/ctrip-b ... 1494559149
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Re: Ctrip.com (CTRP)

Postby winston » Wed Jun 07, 2017 4:17 pm

Money-Losing Stocks to Buy: Ctrip.com International (CTRP)

On a GAAP basis, Ctrip.com International Ltd (ADR) (NASDAQ:CTRP), China’s largest online travel agency, is finally making money after significant investments in its business over the past couple of years resulted in a small loss in 2014 and a much bigger one in 2016.

In Q1 2017, however, Ctrip delivered an operating profit of $60.2 million on $891 million in revenue with all five of its operating segments achieving year-over-year growth. Its overall revenue grew 46% in the quarter, well ahead of management’s expectations.

Operating margins are getting much stronger — 15.4% in the latest quarter, more than double what they were a year ago — suggesting future profits should continue to move higher as it gains market share in the online travel market in China.

It’s going to take a few quarters for Ctrip to prove it can sustain profitability. When it does, CTRP stock is going to rocket higher despite its nosebleed valuation.

Source: Investor Place
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Re: Ctrip.com (CTRP)

Postby winston » Thu Jun 08, 2017 8:05 pm

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'CHINA'S PRICELINE' IS BREAKING OUT


Today, a look at the impressive performance in a company you've likely never heard of...

This week, our friend Peter Churchouse has been sharing his insights on why you should put your money to work in China today. Regular DailyWealth readers know Steve is super-bullish on Chinese stocks, too. And for good reason...

We can see this by looking at shares of Ctrip.com (CTRP). This company allows users to book travel arrangements on its website – plane tickets, hotel rooms, etc. It's China's version of Priceline or Expedia.

And while you've probably never heard of it, the $30 billion Internet behemoth has a larger market cap than household names like Hershey, Dollar General, and Best Buy.

Because of its dominant market position, Ctrip.com shares have enjoyed huge gains over the years. This week, they touched a fresh, split-adjusted all-time high. And shares are up nearly 45% this year alone.

If Steve and Peter are right, and Chinese stocks are in the early stages of a massive run higher, Ctrip.com will be one name to keep a close eye on...

Source: Daily Wealth
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Re: Ctrip.com (CTRP)

Postby winston » Mon Sep 04, 2017 9:03 am

Ctrip.com International (CTRP US)

2Q17: Earnings Beat; Multiple Drivers To Offset Near-term Headwinds

Ctrip’s 2Q17 net revenue grew 45% yoy to Rmb6.4b, 3% and 2% above consensus and our estimates respectively.

Non-GAAP net profit was Rmb855m, beating consensus and our estimates by 26 and 12%.

Gross margin expanded 10ppt yoy to 82.5%, a historical high since 2005.

The company guided 3Q17 net revenue growth of 35-40% yoy and non-GAAP operating profit of Rmb1.5b-1.6b, implying non-GAAP operating margin of 20%.

Maintain BUY but trim target price to US$62.00.

Source: UOBKH

https://research.uobkayhian.com/content ... e8e208f0b5
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Re: Ctrip.com (CTRP)

Postby winston » Mon Sep 04, 2017 9:11 am

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Strong 2Q17, but expect near-term overhang

Ctrip reported a non-GAAP NP of Rmb854.7m in 2Q17, 9% above our estimate and 26% above consensus. Key surprise was better-than-expected GPM expansion.

Skyscanner integration continues to progress well, and we expect accommodation segment growth to remain strong as Ctrip continues to invest in lower-tier cities.

Potential new CAAC regulation regarding cross-selling could act as a near-term share price overhang for Ctrip, but we believe the negative impact is limited.

Reiterate Add with a slightly lower DCF-based TP of US$62.20.

Source: CIMB

https://brokingrfs.cimb.com/i-HxIyNPn5d ... RI1yA2.pdf
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