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<Research>CMBI Lifts TONGCHENGTRAVEL's TP to HKD25.5, Predicts Resilient Core Biz Earnings Growth This Yr
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TONGCHENGTRAVEL (00780.HK)'s 4Q25 revenue surged by 14.2% YoY to RMB4.8 billion, above expectations, according to CMBI's research report.

The adjusted net profit also beat forecasts with a YoY growth of 18% to RMB780 million, while the revenue and operating profit margin of the core online travel agency (OTA) business met CMBI's expectations.

Related NewsUBS: TONGCHENGTRAVEL (00780.HK) Rated at Buy as 4Q25 Adj. NP Slightly Beats
Supported by resilient travel demand, CMBI expects TONGCHENGTRAVEL's core OTA business operating profit to grow by 15% YoY in 2026.

TONGCHENGTRAVEL's target price increased to HKD25.5, with a rating remaining as Buy.
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