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>We expect Tongcheng Travel (TC) to deliver solid 4Q23E results, with revenue +87% YoY and NPM at 17% (in line with prior estimates).</li><li>During the New Year’s Eve holiday, TC saw eye-catching growth, attributable to well-performed accommodation and in-line transportation.</li><li>The strong CNY momentum may continue for a longer period with strong return-home demand, 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.

We expect Tongcheng Travel (TC) to deliver solid 4Q23E results, with revenue +87% YoY and NPM at 17% (in line with prior estimates).During the New Year’s Eve holiday, TC saw eye-catching growth, attributable to well-performed accommodation and in-line transportation.The strong CNY momentum may continue for a longer period with strong return-home demand, 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.

Tongcheng Travel (780 HK) – Robust Travel Demand in FY24E

<ul><li>Tongcheng delivered upbeat 3Q23 results, with topline +61% YoY (3% above consensus) and bottom line 8% above consensus.</li><li>Despite soft seasonality in 4Q, we expect 4Q23E resilient momentum to continue (forecasting rev +87% YoY, bottom line at RMB470mn), backed by exam-related accommodation demand and share gain in the Golden Week.</li><li>Looking into 2024E, we see high visibility for TC to deliver &gt;20% topline growth.</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.

Tongcheng delivered upbeat 3Q23 results, with topline +61% YoY (3% above consensus) and bottom line 8% above consensus.Despite soft seasonality in 4Q, we expect 4Q23E resilient momentum to continue (forecasting rev +87% YoY, bottom line at RMB470mn), backed by exam-related accommodation demand and share gain in the Golden Week.Looking into 2024E, we see high visibility for TC to deliver &gt;20% topline growth.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.

Tongcheng Travel (780 HK) – Clear Growth Path on Resilient Travel Demand

<ul><li>Despite mixed industrial data for domestic tourism in the Golden Week, we expect TC to continuously gain share, with strong hotel growth and long-haul travel recovery.</li><li>We forecast TC’s room night +100% (vs. 2019), air ticketing volume +30%, and trains volume at single-digit growth in the Golden Week.</li><li>This trend is largely in line with summer holiday. We keep confident on TC’s 3Q23E growth (rev forecast unchanged at +56% YoY, +55% vs. 2019 level), and expect 4Q23E rev +96% YoY (+51% vs. 2019), backed by strong hotel in the Golden Week and resilient demand from exam-related accommodation. </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.

Despite mixed industrial data for domestic tourism in the Golden Week, we expect TC to continuously gain share, with strong hotel growth and long-haul travel recovery.We forecast TC’s room night +100% (vs. 2019), air ticketing volume +30%, and trains volume at single-digit growth in the Golden Week.This trend is largely in line with summer holiday. We keep confident on TC’s 3Q23E growth (rev forecast unchanged at +56% YoY, +55% vs. 2019 level), and expect 4Q23E rev +96% YoY (+51% vs. 2019), backed by strong hotel in the Golden Week and resilient demand from exam-related accommodation. 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.

Tongcheng Travel (780 HK) – Share Gain Continued in Golden Week

<ul><li>TC delivered upbeat 1Q23 and solid guidance.</li><li>We keep positive on TC’s Vshaped recovery in 2Q23E, and expect it to continuously deliver above-industrial growth in the long run.</li><li>Market concerns on competition and macro challenges have partly priced in recent price softness. </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.

TC delivered upbeat 1Q23 and solid guidance.We keep positive on TC’s Vshaped recovery in 2Q23E, and expect it to continuously deliver above-industrial growth in the long run.Market concerns on competition and macro challenges have partly priced in recent price softness. 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.

Tongcheng Travel (780 HK) – 2Q23E V-Shaped Rebound to Continue

<ul><li>We are more bullish on TC’s recovery and above-industrial growth in FY23E, backed by pent-up travel demand.</li><li>Recent price correction creates good entry point to accumulate, in our view, due to: 1) stronger 1Q23E guidance (forecasting rev +44% YoY); 2) Ching Ming and May Labor Day to be short-term catalysts; and 3) manageable impact from Douyin’s competition.</li><li>We raised FY23-25E earnings by 15-16%, to reflect faster recovery pace (on strong local hotel, business travel, etc.).</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.

We are more bullish on TC’s recovery and above-industrial growth in FY23E, backed by pent-up travel demand.Recent price correction creates good entry point to accumulate, in our view, due to: 1) stronger 1Q23E guidance (forecasting rev +44% YoY); 2) Ching Ming and May Labor Day to be short-term catalysts; and 3) manageable impact from Douyin’s competition.We raised FY23-25E earnings by 15-16%, to reflect faster recovery pace (on strong local hotel, business travel, etc.).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.

Tongcheng Travel (780 HK) – Riding on faster recovery pace

Hong Kong

Tongcheng Travel Holdings Limited is an investment holding company providing travel-related services in the People's Republic of China. It offers accommodation reservation, transportation ticketing, online advertising, hotel management, tourist attraction tickets, and packaged tours through its online platforms, mobile apps, and websites. The company was founded in 1999 and is headquartered in Suzhou, the People's Republic of China.

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Tongcheng Travel (780 HK)