TCOM 3Q25 Results: Resiliency in Travel Demand to Continue in 4Q
What’s new: Trip.com’s reported 3Q25 revs that were largely in line with consensus and our expectations. Travel demand remains resilient despite near-term geopolitical uncertainties. We up our PT from USD75 to USD80 on resiliency of travel demand. Our updated PT of USD80 implies 18.3x FY26E P/E. We maintain our BUY rating.Analysts:
Jin Yoon
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