Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Bottom-Up

<ul>
<li>In 3Q25, total revenue increased by 16% YoY with hotel booking up by 18% YoY and transportation commission up by 12% YoY.</li>
<li>Overseas travel continued to recover and consumption shrink does not impact TCOM much.</li>
<li>We believe the stock has an upside of 29% for the next twelve months.</li>
</ul>


In 3Q25, total revenue increased by 16% YoY with hotel booking up by 18% YoY and transportation commission up by 12% YoY.
Overseas travel continued to recover and consumption shrink does not impact TCOM much.
We believe the stock has an upside of 29% for the next twelve months.


Trip.com (TCOM, 9961 HK): 3Q25, Revenue Up by 16%

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>Revenue growth in Q3 (+15.5% Y/Y) held up reasonably well for Trip.com</li>
<li>But core margins continue to deteriorate: Adjusted EBITDA margin down -120 bps Y/Y</li>
<li>We still feel TCOM shares are pricey, and that earnings growth is unimpressive</li>
</ul>


Revenue growth in Q3 (+15.5% Y/Y) held up reasonably well for Trip.com
But core margins continue to deteriorate: Adjusted EBITDA margin down -120 bps Y/Y
We still feel TCOM shares are pricey, and that earnings growth is unimpressive


Trip.com Q325 Results | Revenue Growth OK | Core Margins Still Falling | Avoid

<ul>
<li>Growth rates of outbound and domestic air travel slowed again in September</li>
<li>Initial read on Golden Week demand: weak activity growth, weaker spending</li>
<li>In our view, it's increasingly difficult to retain an upbeat view of the sector</li>
</ul>


Growth rates of outbound and domestic air travel slowed again in September
Initial read on Golden Week demand: weak activity growth, weaker spending
In our view, it's increasingly difficult to retain an upbeat view of the sector


Monthly Chinese Tourism Tracker | Pace of Growth Slowed, Again | Golden Week? | October 2025

<ul>
<li>Led by Accommodation activity, Q225 net revenue growth was a solid +16% Y/Y </li>
<li>Some progress on OpEx control, but core margins declined <em>again</em> in Q225</li>
<li>Even with big buyback, is it worth US$75/ADS? We think fair value near US$60</li>
</ul>


Led by Accommodation activity, Q225 net revenue growth was a solid +16% Y/Y 
Some progress on OpEx control, but core margins declined again in Q225
Even with big buyback, is it worth US$75/ADS? We think fair value near US$60


Trip.com Q225 Results | Big Buyback a Surprise | But Margins Still Under Pressure | Fair Value US$60

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Index Rebalance

<ul>
<li>Ferrovial sits in a strong position for Nasdaq-100 second-round inclusion, with several incumbents likely to drop below rank 125.</li>
<li>Inclusion could trigger ~$315M passive inflows and broaden U.S. investor ownership.</li>
<li>Fundamentals already reflect a U.S.-centric infra operator, supported by JFK NTO and toll-road ramp-ups through 2027.</li>
</ul>


Ferrovial sits in a strong position for Nasdaq-100 second-round inclusion, with several incumbents likely to drop below rank 125.
Inclusion could trigger ~$315M passive inflows and broaden U.S. investor ownership.
Fundamentals already reflect a U.S.-centric infra operator, supported by JFK NTO and toll-road ramp-ups through 2027.


Positioned for the Upgrade: Ferrovial’s Path Into the Nasdaq-100

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.

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Trip.com (TCOM US)

Trip.com (TCOM, 9961 HK): 3Q25, Revenue Up by 16%

In 3Q25, total revenue increased by 16% YoY with hotel booking up by 18% YoY and transportation up by 12% YoY. Overseas travel continued to recover...

Ming Lu

Trip.com Q325 Results | Revenue Growth OK | Core Margins Still Falling | Avoid

Trip.com reported Q3 results on Monday after the US close. Revenue growth was fine, but core margins continue to fall. We view the shares as...

Tracking Traffic

Monthly Chinese Tourism Tracker | Pace of Growth Slowed, Again | Golden Week? | October 2025

Chinese travel activity in September slowed, and a first look at Golden Week activity also suggests weak growth in travel and spending. We see few...

Tracking Traffic

Trip.com Q225 Results | Big Buyback a Surprise | But Margins Still Under Pressure | Fair Value US$60

Trip.com announced a big share buyback last week, but its Q225 core results were unimpressive. Given modest growth expectations, we put fair value...

Tracking Traffic

Positioned for the Upgrade: Ferrovial’s Path Into the Nasdaq-100

Ferrovial is a credible Nasdaq-100 entrant with ~$315M passive inflow potential. U.S. assets, liquidity and growth drivers support ongoing re...

Jesus Rodriguez Aguilar

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