Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

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

US Customs & Border Patrol Traveler Data Show Mixed Picture, Sharp Drop in Northern Border Crossings

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

Monthly Chinese Tourism Tracker | March and Q125 Demand Growth Weak Vs Trend (April 2025)

Monthly Chinese Tourism Tracker | Five Easy Charts Showing China's Tourism Recovery To Date

Trip.com Q125 Results | Rising Expenses Led to Margin Compression, Again | Still Prefer Airlines

Monthly Chinese Tourism Tracker | Growth of Travel Demand Slowed in January-February (March 2025)

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Equity Bottom-Up

<ul>
<li>The growth of Chinese outbound activity slowed somewhat in April, to around +18-19% Y/Y</li>
<li>But domestic air activity rebounded to +8% Y/Y, the fastest monthly growth in six months</li>
<li>With strong pricing power, we still prefer China's airlines over travel platform Trip.com </li>
</ul>


The growth of Chinese outbound activity slowed somewhat in April, to around +18-19% Y/Y
But domestic air activity rebounded to +8% Y/Y, the fastest monthly growth in six months
With strong pricing power, we still prefer China's airlines over travel platform Trip.com 


Mandarin Oriental International (MAND SP)

Beijing Capital International Airport (BCIA) (694 HK)

Beijing Capital International Airport (BCIA)

월간 중국 관광 추적 | 4월 국내 활동 확고화 | 항공사 &gt; TCOM(2025년 5월)

Air China Ltd (H)

월간 중국 관광 추적 | 4월 국내 활동 확고화 | 항공사 > TCOM(2025년 5월)

Air China Ltd (H)

월간 중국 관광 추적 | 4월 국내 활동 확고화 | 항공사 &gt; TCOM(2025년 5월)

월간 중국 관광 추적 | 4월 국내 활동 확고화 | 항공사 > TCOM(2025년 5월)