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<Research>JPM Keeps Neutral on TONGCHENGTRAVEL; No Clear Catalysts in Short Term
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TONGCHENGTRAVEL (00780.HK)'s 4Q25 results were solid but unsurprising, JPMorgan said in its research report. The company's revenue increased by 14% YoY, meeting expectations, while the non-IFRS net profit margin rose by 50 bps YoY to 16.1%, also in line with forecasts. In JPMorgan's opinion, TONGCHENGTRAVEL's results have little impact on future earnings forecasts and market sentiment. The market's focus will be on the company's outlook and management's comments on the progress of industry regulatory investigations, changes in the competitive landscape, and this year's demand outlook. Although TONGCHENGTRAVEL's valuation isn't high, due to the lack of clear short-term catalysts, JPMorgan decided to keep a Neutral rating on the company, with a target price of HKD25. AAStocks Financial News |
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