reports
- Julia Pan Mengyao
- Ming San Soong
Online Travel Agencies: Robust Qingming festival travel momentum conti...
We see the strong travel booking momentum continuing into 2Q24, with: a) the Qingming festival recording resilient travel growth; and b) robust bookings for the coming Labour Day Holiday, amid travel consumption upgrade and unfolding demand for outbound travel. We expect the travel enthusiasm to continue despite the high base in 2023. We still prefer TCOM as it is well-positioned to seize travel demand emerging from international and outbound travel. Maintain MARKET WEIGHT.
- Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
China Internet: Rewarding shareholders in 2023; emerging strategic gro...
Given the stabilising revenue growth and abundant cash on hand, mega-cap internet companies have been focusing on offering generous shareholder returns. For 2024, we expect consumption behaviour to switch to service and experience, which will continue to benefit OTA players. We believe other China internet names will outperform with overseas expansion and SFV players will continue to gain market shares with potential for take rate increases. Maintain MARKET WEIGHT.
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 PINDUODUO PDD US
02423 BAIDU INC
09961 KE HOLDINGS INC.
CTRIP.COM INTERNATIONAL
- Julia Pan Mengyao
- Ming San Soong
Trip.com (9961 HK): 4Q23: Earnings beat; strong 1Q24 expected.
TCOM delivered a strong earnings beat for 4Q23. 4Q23 net revenue soared 105.5% yoy to Rmb10.3b and was 24% above the 2019 levels, in line with consensus estimates. Non-GAAP net profit was Rmb2.7b with margin of 26%, beating our and consensus estimates. TCOM guided for 1Q24 revenue growth of 26% yoy, 9% above consensus estimates. TCOM upsized its Capital Return Program by US$300m and currently has US$581m remaining in the program. Maintain BUY. Target price: HK$433.00 (US$53.00).
- Bella Lu Yifei
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
Greater China Daily: Friday, February 23, 2024
KEY HIGHLIGHTS Sector Automobile Weekly: BYD’s price cuts trigger a new round of price war between EVs and ICE-cars. Maintain UNDERWEIGHT. Top SELLs: BYD, XPeng and Li Auto. Top BUY: CATL. Results Hysan Development (14 HK/BUY/HK$13.80/Target: HK$17.99) 2023: In-line results with lower DPS; higher growth visibility of retail in 2024. Lenovo Group (992 HK/BUY/HK$8.84/Target: HK$10.50) 3QFY24: Solid results; recovery in FY25 could be slower than expected. Trip.com (9961 HK/BUY/HK$331.40/Targ...
- Jin Yoon
TCOM 4Q23 Results: Travel Demand Remains Resilient
What’s new: Trip.com’s reported 4Q23 results were above consensus and our expectations. The robust start to the new year may have legs as optimism particularly in domestic travel remains elevated during the CNY holiday period, while outbound travel continues to recover with improvement in flight capacity and ease of visa applications. We up our PT from USD45 to USD50 partly due to resiliency in the travel demand. Our updated PT of USD50 implies a FY24E P/E of 16.6x. We maintain our BUY rating. ...
- Jin Yoon
TCOM 3Q23 Results: Travel Demand Weaker Than Anticipated in 4Q
What’s new: Trip.com’s reported 3Q23 top-line results were largely in line with consensus, while margins came in above expectations. Domestic travel demand could be weaker in 4Q partly due to seasonality with the lack of major holidays and travel fatigue. Outbound travel could sequentially improve amid recovery in flight capacity. We maintain our PT at USD 45.
- Greater China Research Team
Greater China Strategy Alpha Picks: October conviction calls.
MSCI China and HSI fell 1.2% and 1.4% respectively in September as investors’ sentiment was dampened by the weaker macro data and renewed property sector woes. Moreover, higher US bond yields and US dollar strength added to the downside pressure. For October, we expect further downside pressure, so we add SELLs on Henlius and Xpeng to the list, on top of BUYs on Anta, Lenovo, PICC P&C and SHKP.
K3SD BAIDU INC SPONSORED ADR CLASS A
00016 SUN HUNG KAI PROPERTIES LIMITED
00992 LENOVO GROUP LIMITED
01109 CHINA RESOURCES LAND LIMITED
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
1211 BYD COMPANY LIMITED CLASS H
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
1496219D BEIJING KUAISHOU TECHNOLOGY
709 GIORDANO INTERNATIONAL LTD
TCOM US TRIP.COM TCOM US
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
2696 SHANGHAI HENLIUS BIOTECH INC
1024 KUAISHOU TECHNOLOGY
XPEV XPENG INC. ADR SPONSORED CLASS A
9868 XPENG INC
9888 BAIDU INC
9961 TRIP.COM GROUP LTD
- Tian Hou
TCOM: Positive On 2Q23 Performance And 2H2023 Outlook On High Demand F...
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.
With a more favourable environment, TRIP COM GROUP LTD. improves to Sl...
TRIP COM GROUP LTD. (US), a company active in the Recreational Services industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date February 8, 2022, the closing price was USD 28.46 and ...
- Tian Hou
TCOM: Pent-Up Demand For Outdoor Activities Driving Recovery In Domest...
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...
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
Small-Caps & Reopening Stocks Remain In Focus Major global indexes (MSCI ACWI, ACWI ex-US, EM, and EAFE) continue to hold above critical support levels and market dynamics remain largely positive. Until this changes, we believe global equities are headed higher in the coming weeks and months. Additionally, we are reiterating our overweight recommendations on small-caps and value as we believe outperformance from these areas is likely to continue. · Risks To Our Positive Outlook. As we ...
WEB WEBJET LIMITED
BWY BELLWAY P.L.C.
ENT. ENTREC
7259 AISIN SEIKI CO LTD
PIA PIAGGIO & C. S.P.A.
8WY WYNN MACAU LTD.
FLT FLIGHT CENTRE TRAVEL GROUP LIMITED
7267 HONDA MOTOR CO. LTD.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
SUNDRMFAST SUNDRAM FASTENERS
599A SANDS CHINA LTD.
3291 IIDA GROUP HOLDINGS CO. LTD.
TW TRADEWEB MARKETS INC. CLASS A
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
00888 BISON FINANCE GROUP
- Tian Hou
TCOM: Extended Domestic Travel Restrictions Amid COVID Surge Postponed...
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 t...
- Valens Research
Valens Equity Insights and Inflections - 2020 12 01
CTSH has built an industry-leading asset-based consulting business over the past 15 years, seeing remarkably stable returns and steady investment in growth, through various economic cycles and potentially impactful regulatory changes. However, the market is expecting both their ability to drive growth and sustain and improve profitability to severely erode going forward, with UAFRS-based (Uniform) ROA falling by half and growth slowing too. While markets are overly pessimistic, management is al...
WU WESTERN UNION COMPANY
VZ VERIZON COMMUNICATIONS INC.
SSNC SS&C TECHNOLOGIES HOLDINGS INC.
NTAP NETAPP INC.
LIVN LIVANOVA PLC
GME GAMESTOP CORP. CLASS A
CTSH COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CLASS A
CTAS CINTAS CORPORATION
AZO AUTOZONE INC.
GNRC GENERAC HOLDINGS INC.
HIL HILL INTERNATIONAL
LPLA LPL FINANCIAL HOLDINGS INC.
GEY GARMIN LTD.
CHWY CHEWY INC. CLASS A
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
- Valens Research
TCOM - Embedded Expectations Analysis - 2020 11 25
Trip.com Group Limited (TCOM:USA) currently trades at a historical low relative to UAFRS-based (Uniform) assets, with a 3.3x Uniform P/B. At these levels, the market has bearish expectations for the firm, but management is confident about positive ROI and market gains Specifically, management is confident in their ability to generate positive ROI and gain market share through travel coupons
UPDATE - Trip.com LIVE series revitalizes regional markets, boosting g...
UPDATE - Trip.com LIVE series revitalizes regional markets, boosting global travel recovery Trip.com LIVE Singapore livestream promotion banner SINGAPORE, Oct. 30, 2020 (GLOBE NEWSWIRE) -- From 10 October to 11 November 2020, leading online travel services provider, Trip.com Group has launched the “LIVE for Trip” campaign as part of its to bolster the recovery of the global travel industry. 29 October marked a key day in the LIVE for Trip campaign, with Trip.com LIVE broadcasts from Singapore, Hong Kong and Japan. Hosted on Trip.com’s regional Facebook and YouTube social media account...
Trip.com Group LIVE for Trip Global Partner Summit unites industry for...
Trip.com Group LIVE for Trip Global Partner Summit unites industry for the future of travel SINGAPORE, Oct. 30, 2020 (GLOBE NEWSWIRE) -- From 10 October, leading online travel services provider, Trip.com Group began the “LIVE for Trip” campaign as part of its to bolster the recovery of the global travel industry. On 29 October, Trip.com Group held its Global Partner Summit in Chengdu, a key event in the LIVE for Trip campaign. The Global Partner Summit hosted over 2,600 attendees, consisting of 1,000 tourism, 690 accommodation, 290 market, and 230 transportation representatives. Leading...
- MarketLine Department
The Priceline Group Inc. - Mergers & Acquisitions (M&A), Partnerships ...
Summary Marketline's The Priceline Group Inc. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by The Priceline Group Inc. since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of...
Trip.com Group’s Charter Flight Service makes its debut at Macau Busin...
Trip.com Group’s Charter Flight Service makes its debut at Macau Business Aviation Exhibition MACAU, Oct. 29, 2020 (GLOBE NEWSWIRE) -- Group, a leading online travel services provider, today officially extended its charter flight service business in Macau. From October 29 to October 31, Trip.com Group is showcasing its new air charter service at the 9th Macau Business Aviation Exhibition. Trip.com Group view Macau as a priority for groundbreaking air charter connections between domestic and international destinations, and the service is going “online” to offer the charter flight marke...
Trip.com Group’s LIVE for Trip livestream marathon generates USD 56 mi...
Trip.com Group’s LIVE for Trip livestream marathon generates USD 56 million in GMV SINGAPORE, Oct. 29, 2020 (GLOBE NEWSWIRE) -- From 10 October, leading online travel services provider, Trip.com Group has held the “LIVE for Trip” campaign as a part of its to bolster the recovery of the global travel industry and coincide with the company’s 21st anniversary. On 28 October, Trip.com Group’s 21st anniversary, the LIVE for Trip series featured a marathon livestreaming event. James Liang, Trip.com Group chairman and co-founder, hosted a special four-hour BOSS Live program to round off the da...
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