Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Trip.com Q4 Quick Take: Strong Top-Line Growth | Impressive Expense Control | And Not Expensive

Monthly Chinese Tourism Tracker | January & Initial Read On February Both Indicate Solid Growth

Monthly Chinese Tourism Tracker | Decision to Slow Capacity Rebuild in Mid-2023 Now Looks Prudent

Trip.com Q3 Quick Take: Net Inc > Consensus | Progress on Expenses | But Not a Game-Changer

Monthly Chinese Tourism Tracker | Recovery Still Sluggish | Trip.com as Value Name | (November 2023)

China's Tourism Recovery Versus Other Major Tourist Sources in Asia: Delayed, Not Slower

Monthly Chinese Tourism Tracker | No "Pent-Up Demand"! | Weak YTD Returns, Too | (December 2023)

12 Months In, China's Tourism Recovery & Performance of China Tourism Shares Have Both Disappointed

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Equity Bottom-Up

<ul>
<li>By one metric, outbound tourism in December improved to 89% of 2019 levels</li>
<li>Meanwhile, domestic activity in December remained close to pre-Covid levels</li>
<li>In this month's edition we track the tourism recovery in ten illustrative charts</li>
</ul>


By one metric, outbound tourism in December improved to 89% of 2019 levels
Meanwhile, domestic activity in December remained close to pre-Covid levels
In this month's edition we track the tourism recovery in ten illustrative charts


Mandarin Oriental International (MAND SP)

Monthly Chinese Tourism Tracker | China's 2023 Recovery in Ten Charts | (January 2024)