CICC: Maintains Ctrip Group-S Outperform rating, raising target price to HKD 588.5.

Zhongjin Securities has released a research report stating that it basically maintains Ctrip Group's 2025/2026 revenue expectations. Considering that marketing expenses are better controlled than expected, the net profit forecast under non-general principles for 2025 is raised by 8% to 17.7 billion yuan, while the net profit forecast for 2026 under non-general principles is maintained at 18.9 billion yuan. The industry outperformance rating is maintained, and the bank switches to the 2026 PE valuation method. The target prices for US stocks and Hong Kong stocks are maintained at $75.9 and HK$588.5, respectively, corresponding to non-general principles P/E ratios of 21 times and 20 times for 2025/2026, with upside potential of 16% and 15% respectively over the current stock prices. The company currently trades at non-general principle P/E ratios of 18 times and 17 times for 2025/2026 US stocks and Hong Kong stocks.