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Deutsche Bank maintains a "Buy" rating on Trip.com, expecting travel demand to remain robust. The report points out that Trip.com’s performance in the fourth quarter of last year exceeded expectations, with international business platform year-on-year growth of approximately 60%. However, Deutsche Bank warns that policy risks still exist, as investigations by market regulators may impact operations, thus lowering revenue forecasts for fiscal years 2026 and 2027 by 1%, and net profit forecasts by 4% and 5% respectively, with the target price reduced from 724 yuan to 630 yuan

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Deutsche Bank maintains "Buy" rating on Trip.com, expects travel demand to remain robust

CMB International released a report stating that Trip.com Group's Q4 2025 performance exceeded expectations, with total revenue of RMB 15.4 billion, a year-on-year increase of 20.8%. The non-GAAP operating income was RMB 3.2 billion, both higher than market expectations. Despite facing adverse factors, Trip.com’s competitive advantage in the domestic market remains solid, and international expansion is also progressing. CMB International maintains a "Buy" rating on Trip.com, with a target price of $83

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

Rosen Law Firm is investigating potential securities claims for shareholders of Trip.com Group Limited (NASDAQ: TCOM) due to allegations of misleading business information. Investors who purchased Trip.com securities may be eligible for compensation through a class action lawsuit. The investigation follows a significant stock drop after news of an antitrust probe by Chinese regulators. The firm has a strong track record in securities class actions and encourages investors to seek experienced legal counsel.

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16:12 ETRosen Law Firm Encourages Trip.com Group Limited Investors to Inquire About Securities Class Action Investigation - TCOM

CSC Financial has reaffirmed a Buy rating on Trip.com Group Ltd. (9961) with a price target of HK$674.68, while the shares closed at HK$411.40. The analyst consensus for Trip.com is Strong Buy, with a price target consensus of HK$611.15, indicating a potential upside of 48.55%. Additionally, DBS also maintains a Buy rating with a price target of HK$563.00.

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CSC Financial Reaffirms Their Buy Rating on Trip.com Group Ltd. (9961)

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Below is Dolphin Research's transcript summary of $Trip.com(TCOM.US) FY25 Q4 earnings call. For our earnings take, please see 'Trip.com: After the regulatory crackdown, can it stay lean and premium?'I. Review of core financial metrics. II. Detailed call notes.2.1 Management's key messages. 1) Three priority areas for investment.Inbound travel is viewed as a structural growth engine for the platform and destination economies. CSR initiatives: long-term value creation requires ongoing reinvestment in the ecosystem...

TCOM (Trans): No update on regulatory issues

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

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

CICC lowered Trip.com’s target price to RMB 545.1, maintaining an "outperform" rating. Trip.com’s revenue in the fourth quarter grew 21% year-on-year to RMB 15.4 billion, exceeding market expectations by 4%. The non-GAAP net profit was RMB 3.5 billion, surpassing expectations by 8%. Considering regulatory and internationalization risks, the revenue and net profit forecasts for 2026 were lowered by 1% and 13%, respectively

In "Major Banks," China International Capital Corporation lowered Trip.com’s target price to 545.1 yuan, with fourth-quarter performance exceeding expectations, continuing to urge a buy

The Bank of China International research report pointed out that Trip.com’s performance in the fourth quarter is acceptable, with non-GAAP net profit increasing by 15% year-on-year to RMB 3.5 billion, slightly below expectations. It is expected that the core business will maintain growth, but the stock price may face pressure due to uncertainties from the investigation by the State Administration for Market Regulation and potential fines. The latest target price has been lowered to HKD 579, maintaining a "Buy" rating

In "Major Banks," Bank of China lowers Trip.com's target price to 579 yuan, with fourth-quarter performance expected to be acceptable, but the stock price may be under pressure

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

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

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

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

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

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

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Financial Analysis

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...

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

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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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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

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)

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Deutsche Bank maintains "Buy" rating on Trip.com, expects travel demand to remain robust

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

16:12 ETRosen Law Firm Encourages Trip.com Group Limited Investors to Inquire About Securities Class Action Investigation - TCOM

CSC Financial Reaffirms Their Buy Rating on Trip.com Group Ltd. (9961)

TCOM (Trans): No update on regulatory issues