China Merchants Jinling International: Maintains TONGCHENGTRAVEL target price at HKD 24, rating "Buy"

Jiangyin International maintains a target price of HKD 24 for TONGCHENGTRAVEL, with a rating of "Buy." It is expected that revenue in Q4 2024 will increase by 35% year-on-year to HKD 4.2 billion, exceeding expectations by 5%. The OTA business is expected to grow by 16% in 2025, with operating profit margins continuing to improve. The proportion of international business revenue is expected to reach high single digits by the end of the year, breakeven. Core OTA business revenue is expected to grow by 20%, with ticket volume growth outpacing the industry and international ticket volume increasing by over 130%. Overall adjusted net profit is projected to be HKD 660 million, a year-on-year increase of 37%