---
title: "\"Big Banks\" UBS: Trip.com’s resilient demand during the Spring Festival supports growth, but the ongoing antitrust investigation remains a shadow"
description: "UBS report pointed out that Trip.com performed better than expected in the fourth quarter of last year, and it is anticipated that travel demand during the Spring Festival will support hotel revenue g"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/277163044.md"
published_at: "2026-02-27T07:39:28.000Z"
---

# "Big Banks" UBS: Trip.com’s resilient demand during the Spring Festival supports growth, but the ongoing antitrust investigation remains a shadow

> UBS report pointed out that Trip.com performed better than expected in the fourth quarter of last year, and it is anticipated that travel demand during the Spring Festival will support hotel revenue growth. Trip.com's outbound business is also expected to grow steadily, with international business revenue projected to maintain an annual growth rate of over 50%. UBS has raised Trip.com's hotel revenue forecast for the first quarter of 2026, but due to an increase in the proportion of losses from overseas operations, the non-GAAP operating profit margin has been adjusted downward. Despite the positive business momentum, antitrust investigations remain a potential negative factor affecting investor sentiment. UBS maintains a "Buy" rating on Trip.com's U.S. stocks, with a target price adjusted to $80

UBS published a report indicating that Trip.com (09961.HK) exceeded expectations in revenue and non-GAAP operating profit in the fourth quarter of last year. Looking ahead to the first quarter of 2026, the bank believes that the resilient travel demand during the Spring Festival will support domestic hotel revenue to achieve low double-digit year-on-year growth, while the average daily room rate and occupancy rate will remain roughly in line with last year.

The bank expects Trip.com's outbound business to also remain robust, recording mid-double-digit year-on-year growth, as users shift to other destinations and long-distance travel increases, helping to offset the impact from the Japanese market. The bank anticipates that Trip.com's international business will maintain over 50% year-on-year revenue growth in the first quarter of 2026 and for the entire fiscal year.

UBS raised its forecast for Trip.com's hotel revenue in the first quarter of 2026 by 1.7% to reflect strong domestic and outbound travel demand during the Spring Festival. Additionally, it raised its net income forecasts for the first quarter and the entire year by 1.1% and 0.6%, respectively, while lowering the non-GAAP operating profit margin by about 1 percentage point to approximately 28%, due to the increased share of overseas business currently in a loss position. However, the bank did not explicitly account for the potential impact of the antitrust investigation.

Despite Trip.com's strong business momentum in the first quarter, the bank emphasized that the antitrust investigation remains a current unresolved negative factor, with limited visibility on the investigation results at this stage, which is believed to continue to suppress investor sentiment in the short term. UBS maintains a "Buy" rating on Trip.com (TCOM.US) in the U.S. stock market, with a target price lowered from $90 to $80

### Related Stocks

- [TCOM.US - Trip.com](https://longbridge.com/en/quote/TCOM.US.md)
- [09961.HK - TRIP.COM-S](https://longbridge.com/en/quote/09961.HK.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.