Trip.com Group Ltd (TCOM.O): Key Takeaways from Investor Call Post Investigation Conclusion

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Trip.com Group Ltd (TCOM.O): Key Takeaways from Investor Call Post Investigation Conclusion

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27 Jul 2026 10:07:07 ET │ 13 pages

Trip.com Group Ltd (TCOM.O)

Key Takeaways from Investor Call Post Investigation Conclusion

CITI'S TAKE

Buy Trip.com hosted an investor call on 27 Jul after the investigation

conclusion with presentation by Ms. Jane Sun, CEO, and Ms. Cindy Wang, Price (24 Jul 26 16:00) US$43.64

CFO. Key takeaways: 1) the administrative ruling represents the end of the Target price US$64.00

antitrust investigation, 2) TCOM will roll out a new multi-layer partnership Expected share price return 46.7%

framework with hotel partners to replace the previous tier 1 and 2 delegate Expected dividend yield 0.7%

distribution mechanism, and 3) the automated pricing adjustment tool Expected total return 47.3%

was discontinued in Mar, which has been reflected in the 2Q26E outlook,

Market Cap US$28,523M but the volatility from adjustment on distribution mechanism, together

with macro uncertainty like oil price, makes TCOM unable to give 2H26E

guidance at the current stage. Despite limited information shared on

potential financial impact during the call, we think the removal of special Brian GongAC

and golden hotels should be largely expected by the market and believe +852-2501-2747

the financial visibility could be enhanced probably during next results in brian.gong@citi.com

Aug. Maintain Buy.

Alicia Yap, CFA

+852-2501-2773

Measures by TCOM to rectify its business to comply with regulatory requirement - alicia.yap@citi.com

Management reiterated that TCOM sincerely accepted the regulatory decision and

Nelson Cheung

will fully comply with the regulatory requirements to support the healthy, orderly

+852-2501-2728

and sustainable development of the China travel industry.