Narrow-Moat Ctrip Remains Undervalued; Long-Term Growth Is Promising
We still think narrow-moat Ctrip is undervalued and maintain our fair value estimate at $57 per share. Although the recent scandals have been causing decelerated short-term earnings growth, we think investors should squarely focus on the firm's long-term sustainable advantage--network effect--which will allow Ctrip to maintain solid growth on the back of international expansion and penetration of lower-tier Chinese cities in the long term. Year-over-year growth in Ctrip’s net revenue decelerated...
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