HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/trip-com-group-ltd-23a341d0-4f63-4175-a8c5-ee990906cacd" target="_blank" data-smartkarma-citation="entities:36424:1" rel="noopener">Trip.com Group (9961 HK)</a> has a remarkable 4Q23 with adjusted net profit surged 437.1% YoY. Higher volume and better market efficiency have resulted in massive margin expansion.</li>
<li>Net cash has ballooned to about 15% of its share price, and this has allowed it to carry out a massive US$300m Capital Return Program in 2024.</li>
<li>Business has outperformed the industry in CNY, with domestic hotel and air business volume increased by 60% and 50% YoY. Its overseas platform also saw double-digit growth.</li>
</ul>



Trip.com Group (9961 HK) has a remarkable 4Q23 with adjusted net profit surged 437.1% YoY. Higher volume and better market efficiency have resulted in massive margin expansion.
Net cash has ballooned to about 15% of its share price, and this has allowed it to carry out a massive US$300m Capital Return Program in 2024.
Business has outperformed the industry in CNY, with domestic hotel and air business volume increased by 60% and 50% YoY. Its overseas platform also saw double-digit growth.


Trip.com (9961 HK): Looks to Reap More Recovery Benefits

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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 Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/juniper-hotels" target="_blank" data-smartkarma-citation="entities:40186:1" rel="noopener">Juniper Hotels</a> is looking to raise up to US$217m in its upcoming India IPO.</li>
<li>Juniper Hotels is the largest owner by no. of keys of Hyatt affiliated hotels in India as of 2Q23 (30th Jun 23), according to Horwath.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we provide our thoughts on valuations.</li>
</ul>



Juniper Hotels is looking to raise up to US$217m in its upcoming India IPO.
Juniper Hotels is the largest owner by no. of keys of Hyatt affiliated hotels in India as of 2Q23 (30th Jun 23), according to Horwath.
We have looked at the company’s past performance in our previous note. In this note, we provide our thoughts on valuations.


Juniper Hotels IPO - Looks Somewhat Fairly Valued

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 Inc. exceeded Wall Street's expectations in terms of revenue as well as earnings, marking a notable milestone.</li><li>Their valued customers booked a significant 276 million room nights, reflecting a robust 15% year-over-year increase.</li><li>Notably, the Q3 room night expansion of 24% from 2019 exceeded expectations, underscoring the company's resilience and adaptability.</li></ul>

Booking Holdings Inc. exceeded Wall Street's expectations in terms of revenue as well as earnings, marking a notable milestone.Their valued customers booked a significant 276 million room nights, reflecting a robust 15% year-over-year increase.Notably, the Q3 room night expansion of 24% from 2019 exceeded expectations, underscoring the company's resilience and adaptability.

Booking Holdings Inc.: Will Cruises As A New Travel Segment Bring A New Upside? - Major Drivers

<ul><li>Booking Holdings Inc. managed to exceed analyst expectations in terms of revenue as well as earnings.</li><li>The 268 million hotel nights booked in the second quarter increased by 9% year over year, and the $39.7 billion in gross bookings, the largest quarterly total ever, surged by 15% year over year.</li><li>The positive demand environment caused hotel nights and revenue bookings to surpass the company's previous projections.</li></ul>

Booking Holdings Inc. managed to exceed analyst expectations in terms of revenue as well as earnings.The 268 million hotel nights booked in the second quarter increased by 9% year over year, and the $39.7 billion in gross bookings, the largest quarterly total ever, surged by 15% year over year.The positive demand environment caused hotel nights and revenue bookings to surpass the company's previous projections.

Booking Holdings Inc.: The Margin Expansion Story Continues! What's Their Secret Sauce? - Major Drivers

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samhi-hotels-ltd" target="_blank" data-smartkarma-citation="entities:28359:1" rel="noopener">SAMHI Hotels (SAMHI IN)</a> plans to raise around US$165m in its Indian IPO.</li>
<li>Samhi is India’s third-largest hotel asset owner, by number of keys, with a portfolio of 25 operating hotel assets comprising 3,839 keys, as of Feb 2023.</li>
<li>In this note, we talk about the updates from the recent filings and our final thoughts on valuations.</li>
</ul>



SAMHI Hotels (SAMHI IN) plans to raise around US$165m in its Indian IPO.
Samhi is India’s third-largest hotel asset owner, by number of keys, with a portfolio of 25 operating hotel assets comprising 3,839 keys, as of Feb 2023.
In this note, we talk about the updates from the recent filings and our final thoughts on valuations.


Samhi Hotels IPO - Taking a Large Hair Cut, Now at a Decent Discount

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)

Trip.com (9961 HK): Looks to Reap More Recovery Benefits

Trip.com's adjusted net profit soared 437.1% YoY in 4Q23. Net cash equals 15% of its share price, enabling a US$300m 2024 Capital Return Program....

Osbert Tang, CFA

Juniper Hotels IPO - Looks Somewhat Fairly Valued

Juniper Hotels is looking to raise up to US$217m in its upcoming India IPO. We have looked at the past performance earlier. In this note, we talk...

Sumeet Singh

Booking Holdings Inc.: Will Cruises As A New Travel Segment Bring A New Upside? - Major Drivers

Booking Holdings Inc. exceeded Wall Street's expectations in terms of revenue as well as earnings, marking a notable milestone. Their valued...

Baptista Research

Booking Holdings Inc.: The Margin Expansion Story Continues! What's Their Secret Sauce? - Major Drivers

Booking Holdings Inc. managed to exceed analyst expectations in terms of revenue as well as earnings. The 268 million hotel nights booked in the...

Baptista Research

Samhi Hotels IPO - Taking a Large Hair Cut, Now at a Decent Discount

SAMHI Hotels (SAMHI IN) plans to raise around US$165m in its Indian IPO. In this note, we talk about the RHP updates and provide our thoughts on...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Trip.com (9961 HK): Looks to Reap More Recovery Benefits

​Trip.com's adjusted net profit soared 437.1% YoY in 4Q23. Net cash equals 15% of its share price, enabling a US$300m 2024 Capital Return Program....

Osbert Tang, CFA

Juniper Hotels IPO - Looks Somewhat Fairly Valued

Juniper Hotels is looking to raise up to US$217m in its upcoming India IPO. We have looked at the past performance earlier. In this note, we talk...

Sumeet Singh

Booking Holdings Inc.: Will Cruises As A New Travel Segment Bring A New Upside? - Major Drivers

Booking Holdings Inc. exceeded Wall Street's expectations in terms of revenue as well as earnings, marking a notable milestone. Their valued...

Baptista Research

Booking Holdings Inc.: The Margin Expansion Story Continues! What's Their Secret Sauce? - Major Drivers

Booking Holdings Inc. managed to exceed analyst expectations in terms of revenue as well as earnings. The 268 million hotel nights booked in the...

Baptista Research

Samhi Hotels IPO - Taking a Large Hair Cut, Now at a Decent Discount

SAMHI Hotels (SAMHI IN) plans to raise around US$165m in its Indian IPO. In this note, we talk about the RHP updates and provide our thoughts on...

Sumeet Singh

Trip.com's adjusted net profit soared 437.1% YoY in 4Q23. Net cash equals 15% of its share price, enabling a US$300m 2024 Capital Return Program....