Ctrip Remains Undervalued as Earnings Momentum Strengthens; Maintain FVE of $57
We maintain narrow-moat Ctrip’s fair value estimate at $57 per ADR and believe shares are undervalued. Net revenue from the first quarter met the high end of guidance, with accommodation reservation (37% of revenue) beating guidance. Excluding share-based compensation, non-GAAP operating margin was 14.4%, only 40 basis points down from the year-ago quarter, despite a drop in revenue and operating deleverage in the air ticketing business. Second-quarter net revenue growth guidance accelerates to ...
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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