TCOM: 2020 Is A Challenging Year; The OTA Sector Is Taking Time To Recover; TCOM Is Likely To Deliver Better 2Q20, But Still Under Pressure
TCOM will report 2Q20 results on September 24th after the market closes followed by an 8pm EST conference call. We continue to be cautious on the travel/OTA sector as COVID-19 is still lingering. The outbreak has significantly impacted TCOM’s business in 2Q20 as well as 3Q20. Beijing, after being hit by COVID-19 in June, started to allow traffic; and on July 20th, the Ministry of Transportation (MoT) also allowed cross-provincial package tours and “air tickets + hotels” business, while the package tour business is not encouraged.
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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