CMB International: Maintains a "Buy" rating on Trip.com Group Ltd. Sponsored ADR (TCOM.US) with a target price of $83.

Guosen Securities International released a research report stating that TRIP.COM-S (09961) announced its performance for the fourth quarter of 2025, with a total revenue of 15.4 billion RMB. This represents a 20.8% year-on-year growth, exceeding the market consensus by 4%, benefiting from all business segments performing better than expected, especially in corporate travel, package tours, and other businesses. Non-GAAP operating revenue was 3.2 billion RMB, exceeding market expectations by 2%, mainly driven by better than expected revenue. For the full year of 2025, total revenue and non-GAAP operating revenue increased by 17% and 11% year-on-year respectively. The "Buy" rating for Trip.com Group Ltd. Sponsored ADR is maintained with a target price of $83 for the US stock (TCOM.US). The bank believes that despite facing some sentiment-driven adverse factors, Trip.com Group Ltd. Sponsored ADR still maintains a competitive advantage over its domestic counterparts, including strong supply chain capabilities, high service quality, a comprehensive product portfolio, and global coverage, supporting its long-term growth trajectory. Its international expansion is also steadily progressing to explore further long-term development opportunities.