Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Trip.com Q325 Results | Revenue Growth OK | Core Margins Still Falling | Avoid

Trip.com Q225 Results | Big Buyback a Surprise | But Margins Still Under Pressure | Fair Value US$60

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

Monthly Chinese Tourism Tracker | Momentum Shifts From Airlines to TCOM | September 2025

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Equity Bottom-Up

<ul>
<li>Growth rates of outbound and domestic air travel slowed again in September</li>
<li>Initial read on Golden Week demand: weak activity growth, weaker spending</li>
<li>In our view, it's increasingly difficult to retain an upbeat view of the sector</li>
</ul>


Growth rates of outbound and domestic air travel slowed again in September
Initial read on Golden Week demand: weak activity growth, weaker spending
In our view, it's increasingly difficult to retain an upbeat view of the sector


Mandarin Oriental International (MAND SP)

Beijing Capital International Airport (BCIA) (694 HK)

Beijing Capital International Airport (BCIA)

Monthly Chinese Tourism Tracker | Pace of Growth Slowed, Again | Golden Week? | October 2025