Ctrip's Margins Continue to Improve and M&As Have Strengthened Network Effect; Shares Undervalued
Ctrip delivered strong third-quarter results with net profit of CNY 23.9 million, a sharp turnaround following two quarters of consecutive net losses after its merger with Qunar. We believe that Ctrip has strengthened its network effect through market consolidation, and its margins have been improving with less irrational competition. We maintain our narrow moat and stable moat trend ratings, while our fair value estimate of USD 50 per ADR is unchanged. Meanwhile, we reduce our uncertainty ratin...
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