New Street Research - Trip.com Group Ltd. Sponsored ADR (TCOM) TCOM 2Q24 Preview: Estimates Remain Intact

Report

New Street Research

Jin Yoon

TCOM 2Q24 Preview: Estimates Remain Intact

What’s New: We maintain our 2Q24 estimates as overall business could remain largely in-line with our expectations. In this note, we highlight the latest updates to the business including travel demand and margin outlook.

Analysts:
Jin Yoon

16/07/2024 1 EN

Underlying

Trip.com Group Ltd. Sponsored ADR

See profile

US89677Q1076 NASDAQ Stock Market China

Provider

New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

See profile

Analysts

Jin Yoon

Other Reports on these Companies

UOB

China Internet: 2Q24 results wrap-up: Overall earnings beat; 2H24 outlook remains promising.

2Q24 revenue growth was lukewarm, hampered by a subdued macro backdrop, but most earnings beats were delivered by internet companies. We expect consumers to continue switching to service- and experience-oriented, which will benefit OTA, local life services and online games amid the summer holiday period. Key catalysts in 2H24 that will drive internet companies’ valuation repair include shareholder returns, cross-border expansion, easing competition and more, in our view. Maintain MARKET WEIGHT.

September 10, 2024 September 10, 2024 1 EN

UOB

Greater China Strategy Alpha Picks: September conviction calls.

The MSCI China rose 0.8% in August, trailing the HSI’s 3.7%, as the former was weighed by the weaker performance of utilities, materials and consumer staples. Looking ahead, we opine that the Fed rate cut in Sep 24 should be priced in and we do not expect ratesensitive sectors to outperform. We are adding AIA, COLI, Desay SV, Galaxy Entertainment, Meituan, Ping An and The United Laboratories to our BUY list. We remain cautious on the EV sector, adding Li Auto to our SELL list.

September 5, 2024 September 5, 2024 1 EN

UOB

Trip.com (9961 HK): 2Q24: Strong earnings beat; outbound and international travel remains as key catalyst.

TCOM delivered a strong 2Q24 earnings beat. 2Q24 net revenue rose 13.5% yoy to Rmb12.8b and was 47% above 2019 levels, in line with consensus estimates. Non-GAAP net profit was Rmb5b, with net margin expanding 8.5ppt yoy to 39%, beating our and consensus estimates. TCOM guided for 3Q24 revenue growth of 11-16% yoy to Rmb15.3b-16b, in line with consensus estimates. Maintain BUY with a lower target price of HK$534.00 (US$68.00).

August 28, 2024 August 28, 2024 1 EN

NSR Policy: It’s the Election, Stupid (or Is It?): Comparing Harris and Trump on Leadership

This fifth note evaluates the nature of leadership, particularly at the FCC, the FTC and the DOJ, and how that plays into the likely policy outcomes.

EUR 8957.00

11h / 50m 11h / 50m 1 EN

Jonathan Chaplin

Jonathan Chaplin

Altice Pre-3Q24 Model Update

This report covers changes to our model to incorporate recent management commentary at investor conferences. We have increased broadband losses estimate. We also lowered revenue and EBITDA slightly. The company needs to stabilize EBITDA and reduce leverage. Progress on the first remains sluggish and the second won’t be easy. We remain on the sidelines.

EUR 8957.00

12h / 19m 12h / 19m 1 EN

Jonathan Chaplin

Jonathan Chaplin

T-Mobile selling 3.45GHz portfolio

We just learned that T-Mobile is selling the remainder of its 3.45GHz portfolio to Columbia Capital. The transaction was filed with the FCC 10 days ago; we just picked up on it. This follows a swap in which T-Mobile got 2.5GHz licenses in exchange for some of its 3.45GHz licenses back in May. T-Mobile is now out of 3.45GHz entirely. Our quick thoughts in this very brief note.

EUR 8957.00

12h / 20m 12h / 20m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

TCOM 2Q24 Preview: Estimates Remain Intact

China Internet: 2Q24 results wrap-up: Overall earnings beat; 2H24 outlook remains promising.

Greater China Strategy Alpha Picks: September conviction calls.

Trip.com (9961 HK): 2Q24: Strong earnings beat; outbound and international travel remains as key catalyst.

NSR Policy: It’s the Election, Stupid (or Is It?): Comparing Harris and Trump on Leadership

Altice Pre-3Q24 Model Update

T-Mobile selling 3.45GHz portfolio

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe