Goldman Sachs: Maintains "buy" rating on TRIP.COM-S (09961) with a target price of HK$517.

11:37 19/09/2024

The management of Ctrip Group stated that they expect to become a leading online travel agency (OTA) in Asia in the next five years. They anticipate that by then, the revenue from China and overseas will reach a more balanced ratio of 50% each, instead of the current 65%/35% ratio.

Goldman Sachs released a research report, maintaining a "buy" rating on TRIP.COM-S(09961) with a target price of 517 Hong Kong dollars. Due to the relatively broader domestic consumption and more elastic travel demand, Goldman Sachs maintains a forecast of 16% annual compound growth rate for Ctrip Group from 2024 to 2027. Goldman Sachs noted that Ctrip Group holds a dominant position in outbound tourism in China and is expanding through its platform. Ctrip Group remains one of Goldman Sachs' top choices in the leisure/tourism sector in China, with forecasted P/E ratios of 13 times and 11 times for the next two years. Ctrip Group management has stated that they expect to become the leading online travel agency (OTA) in Asia within the next five years, with revenue from China and overseas expected to reach a more balanced ratio of 50% / 50% instead of the current 65% / 35%.

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Huachuang Securities: Small and medium-sized brokerages still possess cyclical elasticity, and product capability determines development space.