Trip.com Group Ltd.: Results solid but outlook disappointing

研报英文原文证据摘录

Trip.com Group Ltd.: Results solid but outlook disappointing

Equity Research

China Technology

25 June 2026

Trip.com Group Ltd.

Results solid but outlook

disappointing Earnings Review

The latest regulatory crackdown and higher fuel prices TCOM OVERWEIGHT

(driving fares increases) weigh on revenues; Retain OW but PT Unchanged

lowered to $60 China Technology UnchangedPOSITIVE

Price Target USD 60.00

Summary: 1Q results were solid, with better-than-expected profits and revenues across major lowered -20% from USD 75.00

segments. However, regulatory tightening is likely to weigh on TCOM’s revenues and margins for Price (24-Jun-26) USD 46.30

2Q and rest of 26. Notably, the Chinese government launched an anti-monopoly investigation Potential Upside/Downside +29.6%

into OTAs, including TCOM, earlier this year focusing on practices affecting smaller Source: Bloomberg, Barclays Research

independently hotels. More recently, the Chinese government also initiated a crackdown on the

practice of booking train tickets through OTAs. The net effect could be lower take rate for TCOM, Market Cap (USD mn) 29155

in our opinion. In addition, rising air fares as a result of higher fuel prices have negatively Shares Outstanding (mn) 629.71

impacted consumers’ demand for travel. On the more positive side, inbound travel was up Free Float (%) N/A

nearly 100% yoy, and TCOM’s international business (bookings up 65% yoy) remains strong. 52 Wk Avg Daily Volume (mn) 2.9

TCOM is looking to serve 200m inbound travelers to China over the next 5 years. Our estimates Dividend Yield (%) N/A

have been revised lower. Return on Equity TTM (%) 21.24

Current BVPS (USD) 263.17

What we liked: Solid Q1 results and strong competitive positioning; share buybacks reduced Source: Bloomberg