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<Research>UBS Raises TONGCHENGTRAVEL's TP to HKD25.5, Expects 2Q Core OTA Rev. to Grow 12.6% YoY
UBS has published a research report expecting TONGCHENGTRAVEL (00780.HK) to see a 12.6% YoY increase in its core OTA revenue for 2Q25, aligning with market expectations and the com...
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<Research>UBS Raises TONGCHENGTRAVEL's TP to HKD25.5, Expects 2Q Core OTA Rev. to Grow 12.6% YoY
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UBS has published a research report expecting TONGCHENGTRAVEL (00780.HK)  +0.300 (+1.376%)    Short selling $14.66M; Ratio 15.639%   to see a 12.6% YoY increase in its core OTA revenue for 2Q25, aligning with market expectations and the company's guidance of 10-15%.

In terms of accommodation, although the average daily rate (ADR) for domestic hotels remained weak in 2Q, a favorable shift towards premium hotels is expected to drive a YoY rise in TONGCHENGTRAVEL's domestic ADR. Meanwhile, an increase in the number of accommodation days and improved occupancy rates YoY will support a mid-double-digit growth in the company's accommodation revenue for 2Q.

However, growth in the transportation business may decelerate in 2Q due to a slowdown in domestic air passenger traffic in June. Considering the persistent weakness in business travel and the rebound in domestic air ticket prices, this trend may persist into the summer.

UBS raised its target price for TONGCHENGTRAVEL from HKD24.5 to HKD25.5, with a Buy rating kept unchanged.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-07-18 12:25.)

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