---
title: "Daiwa Capital Markets: Trip.com’s performance last quarter exceeded expectations, and this year's growth outlook is expected to be stable"
description: "Daiwa Capital Markets released a research report stating that Trip.com’s performance in the fourth quarter of last year exceeded expectations, with net revenue increasing by 20.8% year-on-year and non"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/277173504.md"
published_at: "2026-02-27T09:12:55.000Z"
---

# Daiwa Capital Markets: Trip.com’s performance last quarter exceeded expectations, and this year's growth outlook is expected to be stable

> Daiwa Capital Markets released a research report stating that Trip.com’s performance in the fourth quarter of last year exceeded expectations, with net revenue increasing by 20.8% year-on-year and non-GAAP net profit growing by 14.7%. Management expects revenue to grow by 14% to 15% in the first quarter of this year. Daiwa has raised its revenue forecast for Trip.com by 1% but lowered its profit forecast, maintaining a "Buy" rating, with the target price for Hong Kong stocks reduced to HKD 624 and the target price for Trip.com’s US stocks lowered to USD 79

Daiwa Capital Markets published a research report stating that Trip.com (09961.HK) exceeded expectations in its fourth-quarter performance last year, with net revenue growing 20.8% year-on-year, 4% higher than the firm's and market expectations. Non-GAAP net profit increased by 14.7% year-on-year, exceeding the firm's and market expectations by 6% to 8%, while the non-GAAP net profit margin narrowed by 1 percentage point to 22.6%. Management guided that revenue for the first quarter of this year is expected to grow by 14% to 15% year-on-year to RMB 15.9 billion, in line with market expectations.

The firm believes that Trip.com is working to narrow the losses in its international business and is confident in a robust growth outlook for 2026. Considering that the continued expansion of the international business will require capital investment, Daiwa Capital Markets has raised its revenue forecast for Trip.com for the first quarter by 1%, maintained its full-year revenue forecast unchanged, and lowered its profit forecasts for the first quarter and the full year by 10% and 4%, respectively, maintaining a "Buy" rating, with the target price for Hong Kong stocks lowered to HKD 624, and the target price for Trip.com (TCOM.US) in the U.S. stock market lowered to USD 79

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## Related News & Research

| Title | Description | URL |
|-------|-------------|-----|
| Trip.com Group Posts Strong 2025 on Surging International and Inbound Travel | Trip.com Group Ltd. reported strong fourth-quarter and full-year 2025 results, with international bookings up 60% year-o | [Link](https://longbridge.com/en/news/276958051.md) |
| Trip.com Group Q4 Non-GAAP Earnings, Revenue Rise | 05:29 PM EST, 02/25/2026 (MT Newswires) -- Trip.com Group ( TCOM ) reported Q4 non-GAAP net income late Wednesday of 4.9 | [Link](https://longbridge.com/en/news/276951645.md) |
| Korean Airlines' Carbon Emissions Decline 3.3% in 2025 | Korean Airlines' Carbon Emissions Decline 3.3% in 2025 | [Link](https://longbridge.com/en/news/277137815.md) |
| Research Alert: CFRA Keeps Hold Opinion On Adss Of Trip.com Group Limited | CFRA maintains a Hold opinion on Trip.com Group Limited (TCOM) and lowers its target price to USD63 from USD64, reflecti | [Link](https://longbridge.com/en/news/277229790.md) |
| 23:08 ETTrip.com Partners with JR Companies to Offer Nationwide Shinkansen Tickets to International Travellers | Trip.com has partnered with major Japanese railway companies to offer Shinkansen tickets to international travellers. Th | [Link](https://longbridge.com/en/news/276980475.md) |

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