BOCOM INTL: Maintains "Buy" rating on TONGCHENG TRAVEL (00780) with a target price of HK$25.5.

BOCOM INTL released a research report stating that it is expected TONGCHENGTRAVEL (00780) will meet the OTA performance expectations for the third quarter, with an overall revenue/profit growth of 9%/13% year-on-year. The growth is stable. The forecast for 2025-2027 has been adjusted, maintaining the target price of HK$25.5 and a buy rating. The bank predicts that TONGCHENGTRAVEL's total revenue in the third quarter will increase by 9% year-on-year, with core OTA revenue expected to increase by 15% to RMB 4.6 billion. The bank also forecasts a 14% and 10% year-on-year increase in accommodation and transportation business revenue in the third quarter, respectively. The growth in accommodation business is mainly driven by increases in room nights, with ADR achieving year-on-year growth. The bank predicts an adjusted net profit of RMB 1.03 billion, a 13% year-on-year increase, with a corresponding net profit margin of 18.9%.