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<Research>CLSA Lowers TONGCHENGTRAVEL's TP to HKD20; New Catalysts Needed for Valuation Boost
TONGCHENGTRAVEL (00780.HK)'s 4Q25 results beat forecasts, with revenue increasing by 14% YoY to RMB4.8 billion, the adjusted net profit reaching RMB780 million, and a profit ma...
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<Research>CLSA Lowers TONGCHENGTRAVEL's TP to HKD20; New Catalysts Needed for Valuation Boost
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TONGCHENGTRAVEL (00780.HK)  +0.110 (+0.592%)    Short selling $19.18M; Ratio 55.394%   's 4Q25 results beat forecasts, with revenue increasing by 14% YoY to RMB4.8 billion, the adjusted net profit reaching RMB780 million, and a profit margin hitting around 16%, according to CLSA's research report.

Although travel demand has remained strong YTD, TONGCHENGTRAVEL still needs to seek new growth engines beyond its traditional OTA business and make an initial investment in the hotel management business, as domestic and outbound travel growth normalizes.

CLSA has lowered TONGCHENGTRAVEL's target price from HKD22 to HKD20 and kept the Hold rating unchanged. While the group's valuation is not high, CLSA believes it requires new catalysts.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.)

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