CI-TRIP@EC2610A

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09961

Goldman Sachs lowered the target price for Trip.com Group to 650 yuan, with a rating of "Buy." The report pointed out that Trip.com’s performance in the fourth quarter of last year exceeded expectations, with a non-GAAP net profit of 3.5 billion yuan, benefiting from strong growth in accommodation and other businesses. The EBITDA margin slightly decreased to 20.8%. Goldman Sachs adjusted its net profit forecasts for fiscal years 2026 and 2027, lowering it by 2% and raising it by 5%, respectively

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TRIP.COM-S

Goldman Sachs lowers the target price for Trip.com Group to 650 yuan, rating "Buy"

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TCOM

Citi has lowered the target price for Trip.com to $77 and expects its adjusted net profit to be reduced by 8% and 11% in the next two years, respectively. Although Trip.com’s total revenue grew by 21% to RMB 15.4 billion in the fourth quarter of last year, meeting expectations, the uncertainty surrounding the antitrust investigation may affect its profit margins. Citi maintains an "Outperform" rating and expects total revenue to grow by 15% to RMB 15.9 billion in the first quarter of this year

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Trip.com

In "The Big Banks," Citigroup lowers Trip.com’s target price to $77, and adjusts next year's earnings forecast down by 11%

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

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

BEDZ

Citigroup released a research report stating that due to strong travel demand during the Spring Festival holiday, Trip.com-S recorded double-digit growth in both domestic hotel and outbound bookings, with a good growth momentum in the first quarter. Citigroup raised its profit forecasts for Trip.com by 2% and 1% for the next two years, maintaining its "Buy" rating and target price of $82 for U.S. stocks, believing that Trip.com's valuation is more attractive

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Citi slightly raised its earnings forecast for Trip.com for the next two years, rating it as "Buy."

Morgan Stanley released a report stating that Trip.com Group's performance is stable, with revenue exceeding expectations and a positive outlook. During the Lunar New Year period, domestic hotel bookings and outbound travel both recorded double-digit growth. Although they maintain a cautious attitude towards the monetization of transportation tickets, they believe the upper limit of revenue growth guidance can be reached. The target price has been lowered from $87 to $75, maintaining an "Overweight" rating

Morgan Stanley: Ctrip's business remains stable under regulatory uncertainty, target price $75, continues to recommend "overweight"

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K3RD

09618

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BYTED

HTGD

In the early hours on Feb 26 in U.S. after-hours, under a regulatory overhang, $Trip.com(TCOM.US) released FY2025 Q4 results. Overall, the print was decent, with revenue growth beating prior guidance and re-accelerating.However, opex increased across the board, rising faster than revenue and dragging GAAP OP below expectations. Details follow:1) Strong, accelerating revenue growth. On revenue, total net revenue rose 21% YoY, marking a YTD high and a clear acceleration vs. last quarter. Growth across business lines was broadly ahead of prior guidance...

TCOM: After the regulatory crackdown, can it remain a lean, high-quality play?

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Trip.com's Profit Nearly Doubles in Q4 as Revenue Jumps 21%

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Trip.com's Profit Nearly Doubles in Q4 as Revenue Jumps 21%

JETS

Trip.com shares fell 3.4% in Hong Kong after reporting Q4 results showing a net profit of 4.28 billion yuan, nearly double last year, and revenue up to 6.29 billion yuan. However, adjusted EBITDA margins dropped to 22% from 35%, raising concerns about profitability. The company cited aggressive international expansion and marketing costs as factors. Analysts remain cautious, with Mizuho lowering its price target but maintaining an Outperform rating, noting the challenges from competition and regulatory scrutiny. The results highlight the complexities of balancing growth and margins in the evolving travel sector.

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Trip.com Shares Dip After Q4 Profit Surge Masked by Shrinking Margins

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Hong Kong Stocks Back in Red; Trip.com, HKEX Earnings Beat Estimates

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Hong Kong Stocks Back in Red; Trip.com, HKEX Earnings Beat Estimates

Trip.com Group's stock has been maintained with a Buy rating by analyst Kevin Kopelman from TD Cowen, who set a price target of $68.00. The company is experiencing solid revenue growth driven by strong travel demand in China, despite challenges from lower-margin international expansion and regulatory scrutiny. Kopelman notes improving unit economics and anticipates margin enhancements, justifying his positive outlook on the stock.

Tip Ranks

Trip.com Group: Solid Growth and Strengthening Global Position Support Buy Rating Despite Margin and Regulatory Headwinds

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In an update from Singapore on February 25, 2026, Trip.com, an international online travel agency, announced a collaboration with major railway companies in Japan. East Japan Railway Company, Central Japan Railway Company, West Japan Railway Company, and Kyushu Railway Company have joined hands with Trip.com to introduce QR code boarding on selected routes. This partnership aims to enhance the travel experience by facilitating smoother boarding processes.

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Trip.com partners with JR Companies to offer Shinkansen tickets to international travellers, introducing QR code boarding on selected routes.

Trip.com has partnered with major Japanese railway companies to offer Shinkansen tickets to international travellers. This service allows users to purchase tickets online in multiple languages, select travel preferences, and use QR codes for boarding. The initiative aims to enhance the travel experience in Japan by reducing language barriers and simplifying ticket purchases. Additionally, travellers can book Shinkansen tickets alongside other travel products like flights and accommodations.

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23:08 ETTrip.com Partners with JR Companies to Offer Nationwide Shinkansen Tickets to International Travellers

00780

HSBC's research report indicates that tourism demand during this year's Lunar New Year holiday in mainland China is strong, with the number of travelers reaching 596 million and tourism consumption exceeding 800 billion RMB. The average daily air passenger volume increased by 7.3%, and air capacity grew by 4.6%. Trip.com and TONGCHENGTRAVEL both received "Buy" ratings, with target prices of $90 and HKD 26, respectively. Air China and China Southern Airlines were rated as "Reduce," with target prices of HKD 4.3 and HKD 3.3

TONGCHENGTRAVEL

"Large Banks" Huizheng: Strong tourism demand during the mainland Lunar New Year holiday, recommend buying Trip.com and TONGCHENGTRAVEL

TCOM 4Q25 First Take: Results were solid, with both strengths and weaknesses. The highlight is revenue growth beating prior guidance across the board, with a clear acceleration. A minor weakness is expenses ramped meaningfully, especially marketing, pushing GAAP OP below expectations. Given limited disclosure in the release and the market's focus on recent regulatory issues and potential impact, please refer to the upcoming Trans for more detail. Quarter details: Key points below. 1) Total revenue rose nearly 21% YoY, a clear step-up from 15% last quarter and well ahead of guidance and Street. By biz. line, growth picked up across segments. Outperformance came mainly from package tours and Ads &amp; Other, two smaller lines that surprised on the upside. 2) Alongside strong topline, total opex growth accelerated to 23% YoY despite a tough base, outpacing revenue. The main driver was marketing spend, up 30%+.With JD and Fliggy stepping up, while unlikely to dent TCOM's share, they likely raised traffic acquisition pressure, resulting in GAAP OP coming in ~4% below expectations. More detail will be in the upcoming Trans.

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Current rate of return reached top 50% of users
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Taking the chance to accumulate a good counter on weakness. Looking to scale in further.$Trip.com HK SDR 50to1(HTGD.SG)

Expensive counter to trade. Wait for it to drop more 😁

2026 Resolution-Trade like professional . Do not FOMO. Keep more cash.

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$Trip.com(TCOM.US) $TRIP.COM-S(09961.HK) Here's what happened: Trip.com is under investigation by China's State Administration for Market Regulation over potential monopoly practices. The company has stated that it will cooperate fully with regulators, comply with all requirements, and maintain normal business operations. In terms of market share, the Trip.com Group (including Qunar) holds close to 70% of the GMV in China’s online travel market, with its main platform alone accounting for 56%. Competitors such as Tongcheng, Meituan, Fliggy, and Douyin hold market shares of 15%, 13%, 8%, and 3%, respectively. It is important to note that while holding a dominant market position is not illegal, abusing such a position violates antitrust regulations. Industry-wide scrutiny is intensifying: tourism and homestay associations in regions like Yunnan and Huangshan have launched anti-monopoly initiatives, and authorities have summoned multiple online travel platforms—including Trip.com—for discussions. Market sentiment may remain cautious as the situation evolves. However, the most significant regulatory risks appear to have been largely factored into current valuations.

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Today’s Key News Recap

0114 | Dolphin Research Focus: 🐬 Macro/Industry 1) The China Chamber of Commerce to the EU said talks on the EU's anti-subsidy probe into Chinese EVs have made solid progress, with the EU set to replace countervailing duties with price undertakings. Eligible Chinese auto exporters can apply for assessment to obtain tariff exemptions, and the framework follows WTO rules and the non-discrimination principle, giving exporters clearer visibility for shipments to Europe. This helps defuse the China‑EU auto trade dispute, benefits major exporters such as BYD and SAIC, and supports value‑chain and supply‑chain stability.2) With CSRC approval, the Shanghai, Shenzhen and Beijing exchanges issued a notice to adjust the margin requirement for margin financing. The notice adjusts the margin requirement ratio...

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US 'easing' on H200 chips hits a wall; TCOM tumbles late on antitrust probe | Daily News Recap

1118 | Dolphin Research Focus: 🐬 Macro 1. Today, both Hong Kong and A-shares collectively declined as the market's expectation for a December rate cut by the Federal Reserve continued to decrease. According to CME's &#34;FedWatch&#34;, the probability of a 25 basis point rate cut by the Federal Reserve in December has dropped to 42.9%, previously exceeding 70%. Federal Reserve Governor Waller also stated that if the job market rebounds, the necessity for an insurance rate cut will diminish. Additionally, the sell-off pressure on tech stocks and the Japanese bond market faced a sell-off wave due to concerns that the Kishida government will implement a large-scale fiscal expansion plan. Under multiple factors, global markets collectively declined...

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Global Markets Hit by 'Cold Wave'; Google AI Advances in Travel Services Track | Today's Important News Recap

Conference Minutes

The following are the minutes of the FY25Q3 earnings call for $Trip.com(TCOM.US) organized by Dolphin Research. For an interpretation of the earnings report, please refer to &#34;Trip.com: Awaiting the Release of Overseas Profits.&#34; I. Review of Core Financial Information II. Detailed Content of the Earnings Call 2.1 Key Information from Executive Statements 1. Strong Market Demand: The global tourism industry is booming, with travel enthusiasm surging. Travel demand is skyrocketing, primarily driven by the robust vitality of domestic tourism in China and the steady recovery of outbound travel. Travelers are actively exploring new destinations, seeking authentic and in-depth cultural experiences...

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Ctrip (Minutes): Marketing expenses will continue to rise in the peak season of 4Q

After the US stock market closed on November 18, $Trip.com(TCOM.US) announced its financial results for the third quarter of fiscal year 2025. The performance remained stable, with both revenue and profit slightly better than expected. Specifically: 1. Overall performance remained stable: In general, Trip.com Group's net revenue for this quarter was approximately RMB 18.3 billion (excluding business tax), representing a year-on-year increase of 15.4%. The growth rate slightly slowed down compared to the previous quarter but was still slightly higher than the market expectation of 14.5%, indicating stable growth. In terms of profit, the adjusted operating profit, after adding back stock-based compensation, was RMB 6.2 billion, a year-on-year increase of 13%, slightly higher than the company's guidance of RMB 5.8-5.9 billion...

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Ctrip: Awaiting the Release of Overseas Profits

Trip.com 3Q25 Quick Interpretation: Overall, Trip.com's performance this quarter remains generally stable and better than market expectations. In terms of trends, growth remains steady, but due to relatively high expenses, profit growth still slightly lags behind revenue growth. Specifically: 1. Growth: Total revenue increased by 15.4% year-on-year to 18.34 billion, with a slight deceleration quarter-on-quarter, but still slightly better than expected. In detail, the hotel business, which accounts for the largest proportion, saw a quarter-on-quarter slowdown of about 3 percentage points, partially offset by a slight acceleration in the ticketing business. More meaningful sub-segment growth details need to be observed in the conference call discussions. 2. Gross Profit: Mainly due to the higher proportion of overseas business, which has a lower gross margin, the overall gross margin this quarter still contracted by about 0.7 percentage points year-on-year, resulting in a 14.5% year-on-year increase in gross profit, slightly lower than the revenue growth rate, but still better than Bloomberg's consensus expectations. 3. Expenses and Profit: Similarly, mainly due to the investment in overseas business, expenses this quarter also maintained relatively high growth (+16.7% yoy), exceeding the growth rates of revenue and gross profit. The main driver was a nearly 24% increase in marketing expenses. As a result, with a slight narrowing of the gross margin and expansion of expenses, adjusted operating profit grew by 13% year-on-year this quarter, still in a period of profit margin contraction. However, the trend shows that the extent of profit margin contraction has narrowed compared to the previous two quarters and is better than the company's previous guidance. $Trip.com(TCOM.US) $TRIP.COM-S(09961.HK)

The following are the minutes of the FY25 Q2 earnings call for $Trip.com(TCOM.US). For an interpretation of the earnings report, please refer to &#34;Unafraid of JD.com's Entry, Ctrip Remains a Top Performer.&#34; 1. Review of Key Financial Information: Capital Expenditure: The company is committed to continuous investment in innovation, particularly in technology fields such as artificial intelligence (AI), and provides digital tools and marketing support for small and medium-sized enterprises. A $100 million tourism innovation fund has been launched to support business innovation. Sales and marketing expenses have increased, primarily to support international business expansion plans...

Trip (Minutes): Announced a $5 billion open-ended buyback plan

CI-TRIP@EC2610A(25544.HK)

Goldman Sachs lowers the target price for Trip.com Group to 650 yuan, rating "Buy"

In "The Big Banks," Citigroup lowers Trip.com’s target price to $77, and adjusts next year's earnings forecast down by 11%

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

Citi slightly raised its earnings forecast for Trip.com for the next two years, rating it as "Buy."

Morgan Stanley: Ctrip's business remains stable under regulatory uncertainty, target price $75, continues to recommend "overweight"