携程集团(TCOM.O)

研报英文原文证据摘录

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15 Sep 2026 19:47:39 ET │ 11 pages

Trip.com Group Ltd (TCOM.O)

2Q26 Revs in line While Adj. OP Was Decent Beat

CITI'S TAKE

TCOM reported 2Q26 results with rev up 6% yoy to Rmb15.7bn, inline

with Citi/BBG consensus of Rmb15.55/15.61bn. By segments,

accommodation revs increased 6% yoy to Rmb6.6bn, 3% below Citi’s

estimate likely due to return of hotel deposits, transportation ticketing

decreased 1% yoy to Rmb5.4bn, 2% above Citi’s estimate, packaged-tour

rev grew 8% yoy to Rmb1.2bn, 3% below Citi’s estimate, and corporate

travel rev increased 11% yoy to Rmb771mn, 2% below Citi’s estimate, while

others increased 23% yoy to Rmb1.81bn, 16% above Citi’s estimate. GPM

recorded at 79.8% vs. 79.5% in 1Q26, vs. Citi estimate of 79.9%, while

Non-GAAP S&M, R&D and admin (excluding penalty impact) to rev ratio

reached 24.1/22.1/5.8%, vs. Citi estimates of 24.2/23.5/5.6%, with nonGAAP OPM at 27.9%, beating Citi estimate of 26.6%. Non-GAAP

earnings recorded at Rmb4.80bn, vs. Citi/consensus of Rmb4.1/4.1bn.

Buy

Price (15 Sep 26 16:00)

US$39.25

Target price

US$62.00

Expected share price return

58.0%

Expected dividend yield

0.8%

Expected total return

58.7%

Market Cap

US$25,654M

Brian GongAC

Alicia Yap, CFA

Operating metrics — Revenues on TCOM's global OTA platform have increased by +852-2501-2773

Nelson Cheung

Implications — We view TCOM’s 2Q26 results as decent with adj. OP above

consensus despite the anti-monopoly penalty. Revs were largely in line, with weak

hotel revs likely due to the return of hotel deposits per regulatory requirement, which

was offset by slightly better-than-expected transportation and other decent

revs. With GP slightly above our expectation, inline S&M and better-than-expected

cost control on product development cost, TCOM’s adj. OPM came in at 27.9%

excluding the penalty, ahead of our expectation of 26.6%. Nonetheless, we believe

investors’ key focuses should be on 1) ST and LT take rate outlook given recent

adjustment on commission mechanism, 2) updates on latest performance of travel

industry and outlook, and 3) updates on the company’s strategy on hotel ahead, 4)

…