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<Research>UBS Elevates Trip.com (TCOM.US) TP to US$57, Expects Solid 1Q24 Results
Recommend 6 Positive 12 Negative 6 |
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UBS issued a research report maintaining a positive view on Trip.com Group Limited (TCOM.US), elevating its target price to US$57 from US$52 with rating at Buy, based on recent travel market data that shows a better-than-expected recovery in domestic and outbound travel activity. The Lunar New Year (LNY) holiday period saw solid growth, and UBS believed that the momentum in March will be good continuously, supported by an increase in short-haul and leisure travel. Meanwhile, international outbound travel saw a well recovery trend, with flight capacity returning to about 70% of its pre-COVID-19 level. UBS believed that Trip.com Group Limited's 1Q24 revenue will grow 29% YoY, with domestic up 16.3% and outbound recovering to 80% of 2019 level. UBS believed that Trip.com, its international platform, can maintain its strong momentum with 50% YoY growth. Non-GAAP operating profit for 1Q24 is expected to be RMB3.3 billion, with an operating margin of 27.5%, down 1 ppt YoY, as marketing expenses for marketing and promotions returned to normal. AAStocks Financial News |
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