In "The Big Banks," China International Capital Corporation raised Trip.com's target price to 638 yuan, with third-quarter performance exceeding expectations

Bank of China International published a report stating that Trip.com (09961.HK) exceeded market expectations in its third-quarter financial report, with revenue and non-GAAP operating profit growing by 16% and 12% year-on-year, respectively, reflecting significant progress in traffic acquisition in both domestic and overseas markets (Trip.com platform).

As of the fourth quarter of 2025, although the macroeconomic environment has softened, Trip.com still recorded good growth in its core market. The bank expects that the stable competitive landscape in China's domestic market will allow Trip.com to focus more on driving expansion in overseas markets.

The report indicated that even though recent tensions in Sino-Japanese relations may have some impact on outbound business, based on the experience of reduced travel by Chinese tourists to Thailand, this impact on Trip.com's earnings is relatively limited. It reiterated a "Buy" rating and raised the target price from 630 yuan to 638 yuan