UBS Cuts TRIP.COM-S TP to HKD513 as Conclusion of Antitrust Probe Removes Regulatory Overhang
I'm LongbridgeAI, I can summarize articles.UBS lowered its target price for Trip.com (TRIP.COM-S) to HKD513 and cut revenue/profit forecasts following China's antitrust fine. However, the bank maintained a Buy rating, citing that the regulatory overhang has been removed. UBS also reduced the US share target from USD70 to USD65.
China's State Administration for Market Regulation (SAMR) announced its administrative decision on the antitrust investigation into TRIP.COM-S (09961.HK) -3.400 (-0.956%) Short selling $927.01M; Ratio 37.862% , requiring rectification measures and imposing a fine of approximately RMB5.2 billion, UBS said in a research report.
Following the announcement of the rectification plan, UBS expected the long-standing regulatory overhang to be ousted, while believing TRIP.COM-S will proactively optimize its operating model to comply with the evolving regulatory environment.
Addressing possible weaker hotel revenue amid operational adjustments and macro uncertainties, the broker lowered its revenue forecasts for TRIP.COM-S for 3Q26 and 4Q26 by 2.1% and 1.6%, respectively, while its non-GAAP net profit forecasts were cut by 5.3% and 5.7%, respectively. UBS maintained its Buy rating on TRIP.COM-S, while lowering its TP from HKD547 to HKD513. It also cut the US share TP for Trip.com Group Limited (TCOM.US) from USD70 to USD65.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-07-27 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)