Trip.com in 3Q19: Progress on Costs, but Underlying Growth Is Slowing
Over the last few quarters Trip.com (TCOM US) – the company formerly known as Ctrip – has sharply reduced Sales & Marketing spending as a...
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Ctrip.com 2Q19 Update: Concerns Behind Our Sell Rating Largely Intact
Concerns behind Sell rating intactDespite exceeding consensus adjusted EPS estimates on the back of lower marketing expenses, most of the...
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The We Company (WeWork) IPO Valuation Analysis
Our base case valuation of We Company is $24.3 billion, which is 48% lower than the last private market valuation of $47 billion. Hence, we...
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The We Company (WeWork) IPO Preview
The We Company or (WeWork) (WE US) is getting ready for an IPO in the coming weeks in a risky market environment. There is such a high amount of...
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TRACKING TRAFFIC/Chinese Tourism: Destination Shift Could Dampen 2019 Spending
Tracking Traffic/Chinese Tourism is the hub for all of our research on China's tourism sector. Every month Tracking Traffic/Chinese Tourism...
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