New Street Research - Trip.com TCOM US (TCOM US) New Street: TCOM 3Q21 Earnings - Covid Spread Continue to Impact Recovery

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New Street Research

Jin Yoon

New Street: TCOM 3Q21 Earnings - Covid Spread Continue to Impact Recovery

What's new: Trip.com reported 3Q21 top-line results were largely in-line with expectations. Resurgence of cases continues to impact recovery momentum in both domestic and international travel markets in 4Q, and potentially into early 2022. We maintain our NEUTRAL rating and maintain PT at USD30 as we continue to wait on the international recovery coupled with lumpy recovery in the domestic travel market.

Analysts:
Jin Yoon

20/12/2021 7 EN

Underlying

Trip.com TCOM US

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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.

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Pan European Telecom Services and Cable

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Analysts

Jin Yoon

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New Street: TCOM 3Q21 Earnings - Covid Spread Continue to Impact Recovery

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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