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

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

Equity Bottom-Up

<ul>
<li>TCOM reported C4Q24 revenue 5.4%/3.6% higher than our estimate/consensus, and non-GAAP operating profit 11.2%/6.2% higher than our estimate/consensus, supported by strong domestic travel rebound;</li>
<li>Even though C1Q25 margin guidance was soft due to commitment to overseas expansions and a couple of one-time events affecting outbound, </li>
<li>We keep the stock as BUY rating and keep TP at US$74/ADS.</li>
</ul>


TCOM reported C4Q24 revenue 5.4%/3.6% higher than our estimate/consensus, and non-GAAP operating profit 11.2%/6.2% higher than our estimate/consensus, supported by strong domestic travel rebound;
Even though C1Q25 margin guidance was soft due to commitment to overseas expansions and a couple of one-time events affecting outbound, 
We keep the stock as BUY rating and keep TP at US$74/ADS.


[Trip.com (TCOM US, BUY, TP US$74) Review]: Steady Domestic Supports for Venturing in Overseas