New Street: TCOM 1Q21 Earnings - Domestic Travel Fully Recovered; Waiting on International
What's new: Trip.com reported 1Q21 results were above consensus and our expectations. Domestic travel market has strongly rebounded since March and that we believe the momentum could carryforward into 2H of 2021. While international travel could remain downtrodden due to resurgence of cases and low vaccination rates. We maintain our NEUTRAL rating and PT at USD38 as we continue to wait on the international recovery. Our PT of USD38 implies a FY22E P/E of 30.2x.Analysts:
Jin Yoon
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