CTRP: Expect 1Q17 Revenue Better than Consensus; SkyScanner Incurred More Spending and Investment; Maintain Buy
Ctrip will report 1Q17 results on Wednesday, May 10th after the close of the market followed by an 8pm EST conference call. We believe that CTRP is highly likely to report 1Q revenue better than Street expectations; however, the bottom line may lag due to the integration and investment in SkyScanner. For 2Q17, we believe the company is likely to guide net revenue at least in line with the Street at 41.9% Y/Y growth. We maintain our Buy rating based on CTRP’s monopoly position in China’s online travel area as well as underlying booming growth of China’s travel industry.
T.H. Capital is an independent research and investment advisory firm specializing in China. We offers real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects; from China ADRs to international names that have meaningful exposure to China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.
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