Ctrip Will Expand Its Margin in the Long Run as International Business Mix Increases
We anticipate a weaker macroeconomic environment to put some pressure on Ctrip’s revenue and margins. Nevertheless, cyclicality does not change our view that the network effect that Ctrip possesses will allow the company to reap the benefits from increasing traveling demand in China in the long term. We therefore do not foresee more than a 10% change in our fair value estimate of $57 per share. Net revenue growth guidance for the fourth quarter is 15%-20%, in line with 15% in the third quarter. ...
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