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<Research>UBS: TONGCHENGTRAVEL (00780.HK) Rated at Buy as 4Q25 Adj. NP Slightly Beats
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TONGCHENGTRAVEL (00780.HK) reported a 14.2% YoY increase in net revenue for 4Q25, beating the expectations of UBS/ market by 1.7%/ 1% each, UBS issued a research report saying. Core OTA revenue rose by 17.5%, 0.1% ahead of the broker's forecast, but 0.7% below market consensus. Its travel business revenue declined by 0.3%, which was 10.7% higher than UBS' estimation. Gross margin was 65.9%, in line with the broker's forecast. Adjusted net profit reached RMB780 million, 3.5%/ 3.3% above the expectations of UBS/ market, respectively. UBS anticipated the market to maintain a neutral stance on TONGCHENGTRAVEL's core OTA revenue, with a focus on the Company's demand outlook, industry competition, profit margin trends, and the latest developments in new business. Therefore, the broker rated TONGCHENGTRAVEL at Buy, with a target price of $26.5. AASTOCKS Financial News Website: www.aastocks.com |
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