Ctrip's 1H Results Record In-Line Expansion in Non-GAAP Operating Margin
We maintain our fair value estimate for narrow-moat Ctrip at $57 per ADR as non-GAAP operating margin (excluding share-based compensation) expanded to 16.35% in the second quarter versus 14.4% in the first quarter. The CNY 1.2 billion non-GAAP operating profit came in at the high end of management’s second-quarter guidance, although rising scale benefits were partially offset by a domestic ticketing process adjustment and strong investment to improve customer experience and loyalty. The margin e...
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