New Street Research - Trip.com TCOM US (TCOM US) New Street: TCOM 1Q22 Results - PT to $35 as China Eases Some Quarantine Restrictions on Overseas Travelers

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New Street Research

Jin Yoon

New Street: TCOM 1Q22 Results - PT to $35 as China Eases Some Quarantine Restrictions on Overseas Travelers

What's new: Trip.com reported 1Q22 results were above consensus and our expectations. Recovery in June suggest domestic travel would snap back quickly once restrictions ease. We increase our PT from USD30 to USD35 on easing covid cases, recovery in the domestic travel market, and easing quarantine restrictions on overseas travelers. Our new PT of USD35 implies a 29.4x FY23 P/E multiples.

Analysts:
Jin Yoon

29/06/2022 1 EN

Underlying

Trip.com TCOM US

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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.

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Pan European Telecom Services and Cable

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Analysts

Jin Yoon

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New Street: TCOM 1Q22 Results - PT to $35 as China Eases Some Quarantine Restrictions on Overseas Travelers

Greater China Strategy Alpha Picks: February Conviction Calls

China Online Travel Agencies: Strong travel demand visibility into 2024.

Greater China Strategy Alpha Picks: January Conviction Calls

SATS, Carr, and the Art of the No Deal…Yet

Supreme Court Upholds USF Framework but Reform Still Ahead

CMCSA quick hit: Comcast continues to make the right pricing moves

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