TCOM 4Q23 Results: Travel Demand Remains Resilient
What’s new: Trip.com’s reported 4Q23 results were above consensus and our expectations. The robust start to the new year may have legs as optimism particularly in domestic travel remains elevated during the CNY holiday period, while outbound travel continues to recover with improvement in flight capacity and ease of visa applications. We up our PT from USD45 to USD50 partly due to resiliency in the travel demand. Our updated PT of USD50 implies a FY24E P/E of 16.6x. We maintain our BUY rating.Analyst
Jin K. Yoon
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