TCOM: Pent-Up Demand For Outdoor Activities Driving Recovery In Domestic Travel Business For TCOM In 2Q21 And Beyond
TCOM will report 1Q21 results on May 18th after the markets close followed by an 8pm EST conference call. We are positive on the performance of TCOM’s domestic business in 2Q21. International travel has not seen a meaningful recovery yet, and domestic travel in 1Q21 was impacted by some outbreaks of COVID-19 in January and February 2021, which negatively impacted TCOM’s growth in 1Q21. From our data and calculation, we believe domestic travel in 2Q21 rebounded rapidly and we expect international travel to recover gradually throughout the rest of 2021 as vaccines are being widely distributed worldwide. As such, we believe TCOM’s 1Q21 revenue is likely to at least in line with consensus at RMB2,987M (-36.9% Y/Y).
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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