Equity Snap: Trip.com Group (TCOM US): Softer 2Q guidance

研报英文原文证据摘录

Equity Snap: Trip.com Group (TCOM US): Softer 2Q guidance

25 June 2026

Equity Snap: Trip.com Group Equities Internet Software & Services

(TCOM US)

Softer 2Q guidance China

◆ Trip.com beat 1Q26 adj. OP by 4% but guided softer 2Q26 Parash Jain*

revenue growth of 3-8% (vs Tongcheng 5-10%), amid macro Global Head of Transport & Logistics Research The Hongkong and Shanghai Banking Corporation Limited

and compliance headwinds parashjain@hsbc.com.hk

+852 2996 6717

Deepak Maurya*, CFA

Trip.com Group (TCOM US, USD45.50, Buy, TP USD75.00) Analyst, Asia Transport

The Hongkong and Shanghai Banking Corporation Limited

(Priced as of 23 Jun 2026)

deepakmaurya@hsbc.com.hk

+852 2822 4292

Soft 2Q26 topline guidance vs Tongcheng: The share price in the post-market is

Bruce Chu*, CFA

down 2% following Trip.com’s softer 2Q26 guidance which sees revenue growth Analyst, Asia Transport

decelerate to 3-8% in 2Q26 (vs +17% y-o-y in 1Q26), citing macro headwinds and The Hongkong and Shanghai Banking Corporation Limited

bruce.y.h.chu@hsbc.com.hk

operational adjustments the company implemented to align with evolving industry +852 2996 6621

standards and compliance frameworks. The topline guidance is weaker vs that of

Tongcheng Travel (0780 HK, HKD13.07, Buy) which sees 2Q26 revenue growth in * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

the range of 5-10%, especially given its overseas and China outbound presence.

This indicates bigger impacts on its domestic hotel business from the decline in air

travel demand, and potential market share loss to competitors amidst ongoing

operational adjustments.

Anti-trust probe: Trip.com is yet to offer the timeline and outcome of the current