CITIC International: Trip.com’s quarterly results fully exceed expectations, maintaining a "Buy" rating

CMB International published a report stating that Trip.com Group (09961.HK) announced its Q4 2025 performance, with total revenue of RMB 15.4 billion, a year-on-year increase of 20.8%, exceeding market consensus expectations by 4%, benefiting from all business segments outperforming expectations, especially in corporate travel, packaged travel, and other businesses. Non-GAAP operating income was RMB 3.2 billion, exceeding market consensus expectations by 2%, mainly driven by revenue outperforming expectations. For the full year of 2025, total revenue and non-GAAP operating income are expected to grow by 17% and 11% year-on-year, respectively.

The firm believes that despite facing some sentiment-driven adverse factors, Trip.com’s competitive advantages relative to domestic peers, including strong supply chain capabilities, high service quality, a comprehensive product portfolio, and global coverage remain solid, supporting its long-term growth trajectory. Its international expansion is also steadily progressing to explore further long-term development opportunities.

CMB International maintains a "Buy" rating on Trip.com, with a target price of $83