Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Monthly Chinese Tourism Tracker | January Impacted by LNY Timing | Initial LNY 2026 Numbers So-So

Monthly Chinese Tourism Tracker | January-February Growth Softer | Fuel Surcharges Could Hit Demand

Monthly Chinese Tourism Tracker | March Demand Growth Improved | High Outbound Load Factor +ive

Trip.com Subject of Antitrust Investigation | Potentially Faces Large Fine or Forced Change to Model

Monthly Chinese Tourism Tracker | Sudden Upturn in Domestic and Outbound Demand  (December 2025)

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

Chinese Airports | Surprising YTD 2025 Growth Trends | Pair Long Airports Vs Short Airlines?

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Equity Bottom-Up

<ul>
<li>The pace of Trip.com's Net Revenue growth picked up in Q425, to just under 21% Y/Y</li>
<li>But OpInc and Adjusted EBITDA margins continued to decline in the period</li>
<li>Poor cost control, weight of ongoing investigation prompt us to AVOID the shares</li>
</ul>


The pace of Trip.com's Net Revenue growth picked up in Q425, to just under 21% Y/Y
But OpInc and Adjusted EBITDA margins continued to decline in the period
Poor cost control, weight of ongoing investigation prompt us to AVOID the shares


Mandarin Oriental International (MAND SP)

Trip.com 2025年第4四半期決算 | 売上高は好調に伸びたものの、利益率の圧縮は続く | 回避すべき