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<Research>G Sachs: TONGCHENGTRAVEL (00780.HK) 2025 Results in Line; TP Added to $29
Recommend 2 Positive 3 Negative 1 |
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TONGCHENGTRAVEL (00780.HK)'s 4Q25 results were in line with expectations, Goldman Sachs released a research report saying. The Group recorded a net profit of RMB103 million during the period, which included a goodwill impairment of RMB453 million related to offline travel agency business, foreign exchange losses and other one-off items. Excluding all these items, its adjusted net profit grew by 18% YoY to RMB780 million, in line with the expectations of the broker/ market, with net profit margin expanding by 0.5 ppts YoY. Goldman Sachs slightly adjusted its 2026/ 2027 adjusted EPS forecasts for the Group, with an upward revision of 1-4%, and introduced its 2028 forecast. The broker also added its target price from $28.8 to $29, with rating kept at Buy. Goldman Sachs believed that, although the market is concerned about antitrust investigations and AI threats, the Company's share price has fallen by 17% in the past 3 months, but the latest results and management comments show limited impact. The Group estimated core OTA business revenue to achieve mid-teens growth in 1Q26/ 2026. AASTOCKS Financial News Website: www.aastocks.com |
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