China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

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MD, Blue Lotus Research Institute

Gu Jun, CFA

Equity Bottom-Up

● We cut revenue est. for 2Q, 3Q, and 4Q by 1.1%, 1.6%, and 1.3%, respectively, to reflect more than expected customer-centric principle (CCP) practices.● Accelerating marketing expenses would also be expected in ST due to upcoming peak season and aggressive low-end hotels penetration.● We maintain our Buy rating with TP of US$57.Taking more efforts to further improve user experience In late May, Ctrip implemented additional CCP practices, voluntarily including cancellation of hotel cash coupon…

● We cut revenue est. for 2Q, 3Q, and 4Q by 1.1%, 1.6%, and 1.3%, respectively, to reflect more than expected customer-centric principle (CCP) practices.● Accelerating marketing expenses would also be expected in ST due to upcoming peak season and aggressive low-end hotels penetration.● We maintain our Buy rating with TP of US$57.Taking more efforts to further improve user experience In late May, Ctrip implemented additional CCP practices, voluntarily including cancellation of hotel cash coupon…

Ctrip (CTRP) C2Q18 Preview: User Experience Improvements Continues

Trip.com

Ctrip (CTRP) C2Q18 Preview: User Experience Improvements Continues