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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Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

Equity Bottom-Up

<ul>
<li>We expect TCOM to report C4Q24 revenue 1.8% lower than consensus, mainly due to lukewarm outbound travel. But we see domestic and inbound remained robust heading into CNY. </li>
<li>Given strong data flow heading into CNY, we continue to be positive on domestic travel while outbound suffering a further setback...</li>
<li>We keep the stock as BUY rating and keep TP at US$74/ADS.</li>
</ul>


We expect TCOM to report C4Q24 revenue 1.8% lower than consensus, mainly due to lukewarm outbound travel. But we see domestic and inbound remained robust heading into CNY. 
Given strong data flow heading into CNY, we continue to be positive on domestic travel while outbound suffering a further setback...
We keep the stock as BUY rating and keep TP at US$74/ADS.


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