Deutsche Bank: maintains the "buy" rating for TRIP.COM-S (09961) with expectations of continuous strong demand for travel.

Deutsche Bank released a research report stating that the performance of TRIP.COM-S (09961) in the fourth quarter of last year exceeded expectations, reflecting stable demand in all business segments. The international business platform saw a year-on-year growth of about 60%, mainly benefiting from the increase in online penetration rate in the Asia Pacific region, and the average daily room rate of domestic hotels also recovered year-on-year growth. The target price was lowered from HK$724 to HK$630, with a maintained "buy" rating. However, Deutsche Bank also warned that risks from the policy level have not been eliminated, with the investigation by the State Administration for Market Regulation and potential operational adjustments still being the main risks. In response to potential impacts, revenue forecasts for 2026 and 2027 were lowered by 1%, and adjusted net profit forecasts were lowered by 4% and 5%, respectively.