CTRP: Most Of The Negatives Are Baked In; Expect Revenue To Be Better Than Consensus in 3Q19
CTRP will report 3Q19 results on November 13th after the markets close followed by a 7pm EST conference call. Based on our data and calculations, we expect CTRP’s 3Q19 net revenue to be above consensus at RMB 10,479.5M (12.0% Y/Y growth) and toward the middle to high end of its guidance range (10% - 15% Y/Y). Going forward, while we don’t believe there can be a short term rebound in China’s economy, the negatives from HK protests and domestic economic weakness have already been baked into the stock price movement, in our view.
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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