Ctrip’s Margins Continue to Improve; Shares Fairly Valued
Ctrip continued to deliver strong earnings results in the first quarter, which is the third consecutive quarter that Ctrip has booked positive operating income following the consolidation of Qunar in January 2016. Net revenue increased by 45.6% year on year, slightly higher than the high end of company guidance, and the non-GAAP operating margin improved to 14.6% from 0.2% in the year-ago quarter, given increased operating efficiency and synergies from the invested companies, mainly Qunar. Manag...
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