TCOM: Positive On 2Q23 Performance And 2H2023 Outlook On High Demand For Travel
We are positive on TCOM’s 2Q23 performance and outlook for 2023. While China’s economy has been growing slower than expected, domestic dining and lodging are doing well. Based on data from the State Aviation, air travel volume reached 336% Y/Y (2Q22 low base) and 20.5% Q/Q growth in 2Q23 (Figure 3). As a leading online travel vendor, TCOM is benefiting from the growth.
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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