Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>China's Ministry of Tourism &amp; Culture reported mediocre holiday travel &amp; spending activity</li>
<li>Separately, Xinhua also reported underwhelming numbers from Dragon Boat Festival period</li>
<li>Weak travel numbers may indicate Chinese consumers remain uneasy about near-term outlook</li>
</ul>


China's Ministry of Tourism &amp; Culture reported mediocre holiday travel &amp; spending activity
Separately, Xinhua also reported underwhelming numbers from Dragon Boat Festival period
Weak travel numbers may indicate Chinese consumers remain uneasy about near-term outlook


Weak Spending over China's Dragon Boat Festival Holiday Period Suggests Tourists Remain Frugal

<ul>
<li>The growth of Chinese outbound activity slowed somewhat in April, to around +18-19% Y/Y</li>
<li>But domestic air activity rebounded to +8% Y/Y, the fastest monthly growth in six months</li>
<li>With strong pricing power, we still prefer China's airlines over travel platform Trip.com </li>
</ul>


The growth of Chinese outbound activity slowed somewhat in April, to around +18-19% Y/Y
But domestic air activity rebounded to +8% Y/Y, the fastest monthly growth in six months
With strong pricing power, we still prefer China's airlines over travel platform Trip.com 


Monthly Chinese Tourism Tracker | Domestic Activity Firmed in April | Airlines > TCOM (May 2025)

<ul>
<li>As in Q424, a sharp increase in OpEx led to margin compression at Trip.com in Q125</li>
<li>Trip.com's revenue growth in Q125 slowed vs Q424, but platform probably gained share</li>
<li>Within China's tourism segment, we still think the airlines can outperform Trip.com</li>
</ul>


As in Q424, a sharp increase in OpEx led to margin compression at Trip.com in Q125
Trip.com's revenue growth in Q125 slowed vs Q424, but platform probably gained share
Within China's tourism segment, we still think the airlines can outperform Trip.com


Trip.com Q125 Results | Rising Expenses Led to Margin Compression, Again | Still Prefer Airlines

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Booking Holdings delivered a robust performance in the first quarter of 2025, surpassing Wall Street expectations despite mounting concerns about the macroeconomic and geopolitical landscape.</li><li>The company reported revenue of $4.8 billion—beating analyst projections of $4.6 billion—and adjusted earnings per share of $24.81, significantly ahead of the expected $17.37.</li><li>These results were underpinned by a record-breaking quarter of over 300 million room nights booked, a more than 7% year-over-year increase.</li></ul>

Booking Holdings delivered a robust performance in the first quarter of 2025, surpassing Wall Street expectations despite mounting concerns about the macroeconomic and geopolitical landscape.The company reported revenue of $4.8 billion—beating analyst projections of $4.6 billion—and adjusted earnings per share of $24.81, significantly ahead of the expected $17.37.These results were underpinned by a record-breaking quarter of over 300 million room nights booked, a more than 7% year-over-year increase.

Booking Holdings: A Tale Of Global Diversification & Travel Pattern Adaptation!

<ul><li>Booking Holdings, a major player in the global online travel industry, reported its fourth-quarter and full-year 2024 financial results, showcasing a strong performance across several key metrics.</li><li>The company achieved a 13% year-over-year growth in room nights during the fourth quarter, surpassing its expectations and reflecting robust demand across all major regions.</li><li>The growth in room nights contributed to a 17% increase in gross bookings and 14% revenue growth, both exceeding the company's prior guidance.</li></ul>

Booking Holdings, a major player in the global online travel industry, reported its fourth-quarter and full-year 2024 financial results, showcasing a strong performance across several key metrics.The company achieved a 13% year-over-year growth in room nights during the fourth quarter, surpassing its expectations and reflecting robust demand across all major regions.The growth in room nights contributed to a 17% increase in gross bookings and 14% revenue growth, both exceeding the company's prior guidance.

Booking Holdings: An Insight Into Its Merchant Model Expansion & Payment Innovations!

United States

Booking Holdings Inc. operates as an online travel company. The Company offers a platform that allows to make travel reservations with providers of travel services, as well as provides accommodation reservations, rentals cars, airline tickets, and vacation packages. Booking Holdings serves customers worldwide.

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Booking Holdings (BKNG US)

Weak Spending over China's Dragon Boat Festival Holiday Period Suggests Tourists Remain Frugal

Headline travel activity numbers from China's recent Dragon Boat Festival suggest modest demand growth and a Chinese consumer keeping a tight grip...

Tracking Traffic

Monthly Chinese Tourism Tracker | Domestic Activity Firmed in April | Airlines > TCOM (May 2025)

The growth of Chinese domestic air travel activity in April accelerated to almost 8% after slumping to < 1% in Q125. High domestic passenger load...

Tracking Traffic

Trip.com Q125 Results | Rising Expenses Led to Margin Compression, Again | Still Prefer Airlines

China's leading travel platform Trip.com reported an unimpressive set of results earlier this week, as a sharp rise in OpEx led to margin compression.

Tracking Traffic

Booking Holdings: A Tale Of Global Diversification & Travel Pattern Adaptation!

Booking Holdings delivered a robust performance in the first quarter of 2025, surpassing Wall Street expectations despite mounting concerns about...

Baptista Research

Booking Holdings: An Insight Into Its Merchant Model Expansion & Payment Innovations!

Booking Holdings, a major player in the global online travel industry, reported its fourth-quarter and full-year 2024 financial results,...

Baptista Research

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