External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Trip.com Group (TCOM) released (18 Nov) 3Q25 results: total revenue was RMB18.4bn, up 15.5% YoY, 1% better than both our forecast and Bloomberg consensus estimates; non-GAAP operating income (OP) was RMB6.1bn, 5/6% better than our estimates and consensus, thanks to better-than-expected operating leverage.</li><li>Non-GAAP NP of RMB19.2bn was significantly ahead of consensus at RMB5.6bn, driven by one-off gains from the sale of partial stake in MakeMyTrip. TCOM’s overseas expansion is on track, with balanced investment and revenue growth trajectory, and this should bring long-term value to TCOM, in our view.</li><li>To account for more robust-than-expected international business revenue growth and better-than-expected operating efficiency improvement of domestic and outbound business, we lift 25-27E revenue forecasts by 1-5%, and operating profit forecasts by 0-5%. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trip.com Group (TCOM) released (18 Nov) 3Q25 results: total revenue was RMB18.4bn, up 15.5% YoY, 1% better than both our forecast and Bloomberg consensus estimates; non-GAAP operating income (OP) was RMB6.1bn, 5/6% better than our estimates and consensus, thanks to better-than-expected operating leverage.Non-GAAP NP of RMB19.2bn was significantly ahead of consensus at RMB5.6bn, driven by one-off gains from the sale of partial stake in MakeMyTrip. TCOM’s overseas expansion is on track, with balanced investment and revenue growth trajectory, and this should bring long-term value to TCOM, in our view.To account for more robust-than-expected international business revenue growth and better-than-expected operating efficiency improvement of domestic and outbound business, we lift 25-27E revenue forecasts by 1-5%, and operating profit forecasts by 0-5%. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trip.com (TCOM US) - 3Q Results Beat; Travel Demand Remains Solid

<ul><li>Trip.com Group (TCOM) released (28 Aug) 2Q25 results: total revenue was RMB14.9bn, up 16% YoY, 1% better than both our forecast and Bloomberg consensus estimates; non-GAAP operating income (OP) was RMB4.7bn, 7/9% better than both our estimates and consensus, thanks to better-than-expected operating leverage.</li><li>Overall travel demand remained resilient, in our view, and TCOM sustained better-than-industry booking volume growth for both domestic business and outbound business, aided by its strong supply chain capabilities, as well as superior customer services capabilities.</li><li>TCOM’s overseas expansion is also on the right track, with balanced investment and revenue growth trajectory, and this should bring long-term value to TCOM, in our view. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trip.com Group (TCOM) released (28 Aug) 2Q25 results: total revenue was RMB14.9bn, up 16% YoY, 1% better than both our forecast and Bloomberg consensus estimates; non-GAAP operating income (OP) was RMB4.7bn, 7/9% better than both our estimates and consensus, thanks to better-than-expected operating leverage.Overall travel demand remained resilient, in our view, and TCOM sustained better-than-industry booking volume growth for both domestic business and outbound business, aided by its strong supply chain capabilities, as well as superior customer services capabilities.TCOM’s overseas expansion is also on the right track, with balanced investment and revenue growth trajectory, and this should bring long-term value to TCOM, in our view. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trip.com (TCOM US) - 2Q Results Beat; Resilient Revenue and Earnings Growth to Sustain

<ul><li>Trip.com Group (TCOM) released (20 May) 1Q25 results: total revenue was RMB13.9bn, up 16% YoY, inline with both our forecast and Bloomberg consensus estimates; non-GAAP operating income (OP) was RMB4.0bn, 7% better than both our estimates and consensus, mainly thanks to more optimizedthan-expected sales and marketing spend.</li><li>Overall travel demand remains resilient, in our view, and TCOM sustained better-than-industry booking volume growth for both domestic business and outbound business, aided by its strong supply chain capabilities, as well as superior customer services capabilities.</li><li>TCOM’s overseas expansion is also on the right track. Although the investment may weigh on earnings growth in the near term, the international expansion should bring long-term value to TCOM, in our view. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trip.com Group (TCOM) released (20 May) 1Q25 results: total revenue was RMB13.9bn, up 16% YoY, inline with both our forecast and Bloomberg consensus estimates; non-GAAP operating income (OP) was RMB4.0bn, 7% better than both our estimates and consensus, mainly thanks to more optimizedthan-expected sales and marketing spend.Overall travel demand remains resilient, in our view, and TCOM sustained better-than-industry booking volume growth for both domestic business and outbound business, aided by its strong supply chain capabilities, as well as superior customer services capabilities.TCOM’s overseas expansion is also on the right track. Although the investment may weigh on earnings growth in the near term, the international expansion should bring long-term value to TCOM, in our view. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trip.com (TCOM US) - Resilient Revenue Growth with Investment on Track for Overseas Expansion

<ul><li>Trip.com Group (TCOM) released (25 Feb) 4Q24 results: total revenue was RMB12.8bn, up 23% YoY, 4% better than Bloomberg consensus estimates; non-GAAP operating income (OP) was RMB2.8bn, also 4% better than consensus thanks to more optimized-than-expected operating expenses.</li><li>For 2024, revenue grew 20% YoY to RMB53.4bn, and non-GAAP OP/NP grew 23/38% YoY to RMB16.2bn/18.0bn.</li><li>Accounting for the combined impact from more robust-than-expected revenue growth from Trip.com business, which is still in a loss-making stage, and likely slower-than-previously expected outbound travel business revenue growth in 2025E due to slower-than-expected recovery in international flight capacity, we lift 2025E revenue forecast by 1% but lower non-GAAP NP forecast by 1%. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trip.com Group (TCOM) released (25 Feb) 4Q24 results: total revenue was RMB12.8bn, up 23% YoY, 4% better than Bloomberg consensus estimates; non-GAAP operating income (OP) was RMB2.8bn, also 4% better than consensus thanks to more optimized-than-expected operating expenses.For 2024, revenue grew 20% YoY to RMB53.4bn, and non-GAAP OP/NP grew 23/38% YoY to RMB16.2bn/18.0bn.Accounting for the combined impact from more robust-than-expected revenue growth from Trip.com business, which is still in a loss-making stage, and likely slower-than-previously expected outbound travel business revenue growth in 2025E due to slower-than-expected recovery in international flight capacity, we lift 2025E revenue forecast by 1% but lower non-GAAP NP forecast by 1%. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trip.com (TCOM US) - Entry Point Could Appear Post Market Correction

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>We recommend selling MUFG19 and cutting losses on SONY80, with returns of –2.7% and –6.6%, respectively, while opening a new position in AMD80, a DR linked to Advanced Micro Devices (AMD) listed on the NASDAQ.</li><li>The return of KTX DR Tactical Picks portfolio fell 1.66% from the previous day, pressured by weakness in Asian equities amid concerns over rising bad-debt risks among US regional banks.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

We recommend selling MUFG19 and cutting losses on SONY80, with returns of –2.7% and –6.6%, respectively, while opening a new position in AMD80, a DR linked to Advanced Micro Devices (AMD) listed on the NASDAQ.The return of KTX DR Tactical Picks portfolio fell 1.66% from the previous day, pressured by weakness in Asian equities amid concerns over rising bad-debt risks among US regional banks.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

KTX TACTICAL DR PICKS - October 20, 2025 (Eng.)

China

Trip.com Group Ltd. provides online travel agency services. The Company offers mobile applications, hotel reservations, flight ticketing, package tours, corporate travel management, and train ticketing services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Trip.com (TCOM US)

Trip.com (TCOM US) - 3Q Results Beat; Travel Demand Remains Solid

Trip.com Group (TCOM) released (18 Nov) 3Q25 results: total revenue was RMB18.4bn, up 15.5% YoY, 1% better than both our forecast and Bloomberg...

CMB International

Trip.com (TCOM US) - 2Q Results Beat; Resilient Revenue and Earnings Growth to Sustain

Driven by the increase in earnings forecasts and a roll forward of valuation window, we raise our DCF-based TP by 9% to US$76.0 (was US$70.0),...

CMB International

Trip.com (TCOM US) - Resilient Revenue Growth with Investment on Track for Overseas Expansion

Both our 25-27E revenue and earnings forecasts remain largely unchanged, and we keep our DCF-based TP at US$70.0, translating into 20x 25E PE (non...

CMB International

Trip.com (TCOM US) - Entry Point Could Appear Post Market Correction

Trip.com Group (TCOM) released (25 Feb) 4Q24 results: total revenue was RMB12.8bn, up 23% YoY, 4% better than Bloomberg consensus estimates

CMB International

KTX TACTICAL DR PICKS - October 20, 2025 (Eng.)

The return of KTX DR Tactical Picks portfolio fell 1.66% from the previous day, pressured by weakness in Asian equities amid concerns over rising...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)