Jefferies: TRIP.COM-S (09961) Q2 adjusted operating profit and net profit both beat expectations; maintains "Buy"

Jefferies released a research report stating that TRIP.COM-S (09961) Q2 2026 financial results beat expectations, with total revenue in line with market consensus and 1% above the bank's forecast; adjusted operating profit (excluding share-based compensation expenses and antitrust fines) was 4% above market consensus and the bank's forecast, and adjusted earnings per share also beat market consensus and the bank's estimate. The bank currently maintains a "Buy" rating on the stock with a target price of HK$491, and will monitor feedback on the new commission model as well as travel demand. The bank stated that Trip.com's adjusted operating profit for the period was approximately RMB 4.37 billion, above market consensus and the bank's forecast of approximately RMB 4.2 billion; the adjusted operating margin (excluding share-based compensation expenses) was 28%, also above the bank's estimate of 27.1%. Adjusted profit was RMB 4.8 billion, above market consensus of RMB 4.1 billion and the bank's estimate of RMB 3.8 billion.