TCOM will report 4Q20 results on March 3rd after the markets close followed by a 7pm EST conference call. While we are cautious on TCOM’s 4Q20 topline growth and 1Q21 topline guidance, we are optimistic about its recovery for the rest of 2021. While international travel business has not seen any recovery, domestic travel was restricted again in December 2020, January and February 2021 due to the resurgence and controlling of COVID. As such, the negative impact to TCOM was extended. However, as the vaccines have been widely distributed worldwide, we believe the travel industry is on its way to a rapid recovery from 2Q21 onward.
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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