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2026-06-25 10:19:40 TRIP.COM-S (09961.HK) reported its results for 1Q26, with revenue lifting 17% YoY to RMB16.2 billion, 2% above Citi’s and market's expectations. Non-GAAP adjusted operating margin reached 28.6%, slightly above the broker’s forecast of 27.8%, on the back of strong revenue growth and solid control over S&M expenses. However, non-GAAP net profit for the period was RMB3.91 billion, below the broker's and market's expectations of RMB4.4 billion and RMB4.2 billion, respectively, owing to losses from associates (amounting to RMB1.15 billion), which may be related to the share price pullback of MakeMyTrip (MMYT.US). Looking ahead to 2Q26, the company guided that total net revenue growth will slow to about 3-8% YoY, mainly affected by swelling oil prices and business rectification following an investigation by the State Administration for Market Regulation, which is in line with market expectations. In Citi view, investors should focus on the latest developments of the investigation, the impact of rectification measures targeting premium/branded hotels, and potential implications for the company’s long-term fundamentals. The broker maintained its Buy rating and kept its US TP at USD82 for Trip.com Group Limited (TCOM.US). ~ AASTOCKS Financial News Website: www.aastocks.com | |