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<Research>HSBC Research: TONGCHENGTRAVEL 3Q Results in Line; TRIP.COM-S Preferred in Sector
Recommend 4 Positive 10 Negative 6 |
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TONGCHENGTRAVEL (00780.HK)'s 3Q25 results were in line with expectations, with core online travel agency (OTA) business growing by 14.9% during the period, supported by a 15% increase in hotel booking revenue, HSBC Global Research issued a research report saying. Adjusted core OTA business profit margin was 31.2%, up 0.1 ppt YoY, but 0.3 ppts below the broker's estimation, as improved operational efficiency from lower service development and administrative costs was offset by higher marketing investments. Adjusted net profit amounted to RMB1.06 billion, 3% higher than the expectations of HSBC Global Research and the market. Therefore, the broker kept its target price/ rating for TONGCHENGTRAVEL at $26/ Buy. HSBC Global Research preferred online travel platforms over airlines in the sector, and TRIP.COM-S (09961.HK) over TONGCHENGTRAVEL. AASTOCKS Financial News Website: www.aastocks.com |
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