New Street Research - Trip.com TCOM US (TCOM US) New Street: TCOM 3Q22 Results - Visibility Remains Muted Despite Reopening

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New Street Research

Jin Yoon

New Street: TCOM 3Q22 Results - Visibility Remains Muted Despite Reopening

What's new: Trip.com reported 3Q22 results were above consensus and our expectations. Near-term visibility remains limited as people may be cautious to travel amid surge in covid cases. We increase our PT from USD35 to USD40 on a potential recovery in travel as government continues to pivot away from zero covid. Our revised PT of USD40 implies 30.7x FY23E P/E.

Analysts:
Jin Yoon

15/12/2022 1 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.

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
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Pan European Telecom Services and Cable

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Analysts

Jin Yoon

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New Street: TCOM 3Q22 Results - Visibility Remains Muted Despite Reopening

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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