Penetration of Lower-Tier Cities and International Expansion Are Driving Ctrip’s Growth
Ctrip delivered strong second-quarter earnings, reinforcing our view that its leading position in the Chinese online travel field is intact. The key growth drivers are penetration of lower-tier cities in China and international expansion. We also find it encouraging that Tujia, the Airbnb-like vacation rental service that Ctrip has invested in, has become the largest platform in China, offering 450,000 vacation rental properties. We are increasing our fair value estimate for narrow-moat Ctrip to...
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