Yamato: Raises target price of Ctrip to HK$745, international business expansion driving growth.

According to a report from Yamato Research, with a broader market influence and support for visa-free policies, Ctrip's international booking volume in the first quarter of this year increased by more than 60% year-on-year, with inbound tourism bookings doubling. The company expects this momentum to continue throughout the year, with international business revenue in the second quarter and full year expected to increase by 52%. In terms of domestic demand, domestic travel demand continues to be strong, with an expected 15% increase in domestic hotel bookings in the second quarter, and a narrowing of the average room rate decline to low single digits. The report reaffirms a "Buy" rating for Ctrip, based on a target price-to-earnings ratio of 25, with a target price raised from HKD 735 to HKD 745.