---
title: "Nomura: Trip.com’s performance last quarter exceeded expectations, maintaining a \"Neutral\" rating"
description: "Nomura released a report stating that Trip.com Group's performance last quarter exceeded expectations, with total revenue increasing by 21% year-on-year to RMB 15.4 billion, and non-GAAP operating pro"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/277136613.md"
published_at: "2026-02-27T03:04:23.000Z"
---

# Nomura: Trip.com’s performance last quarter exceeded expectations, maintaining a "Neutral" rating

> Nomura released a report stating that Trip.com Group's performance last quarter exceeded expectations, with total revenue increasing by 21% year-on-year to RMB 15.4 billion, and non-GAAP operating profit growing by 16%. However, due to rising sales and marketing expenses, the non-GAAP operating profit margin decreased to 20.8%. Trip.com has guided for a revenue growth of 12% to 17% year-on-year for the first quarter of this year, with a non-GAAP operating profit margin expected to be 28%. Nomura maintains a target price of $71 for Trip.com’s U.S. stock and reiterates a "Neutral" rating

Citi published a research report indicating that Trip.com Group (09961.HK) performed better than expected last quarter. Among them, total revenue increased by 21% year-on-year to RMB 15.4 billion, exceeding market and the bank's expectations; non-GAAP operating profit rose by 16%, surpassing the bank's forecast by 1%. However, due to rising sales and marketing expenses, the non-GAAP operating profit margin decreased by 0.9 percentage points year-on-year to 20.8%, lower than the predicted 21.3%.

The bank mentioned that Trip.com expects revenue guidance for the first quarter of this year to grow by 12% to 17% year-on-year, with a median of 14.5%, which is roughly in line with the market forecast of 14%. However, according to the company's guidance, the non-GAAP operating profit margin is expected to reach 28%, which is lower than the forecast of 30%.

The bank maintains a target price of $71 for Trip.com (TCOM.US) and reiterates a "Neutral" rating

### Related Stocks

- [TCOM.US - Trip.com](https://longbridge.com/en/quote/TCOM.US.md)
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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.