gtja released a research report stating that Ctrip Group-S (09961) outperformed expectations in the third quarter, with stable revenue growth despite a high base, and ideal expense control. Considering the group's benefits from improved structure and continuous efficiency improvements, its adjusted net income for 2024 to 2026 is raised to 17.946 billion, 20.799 billion, and 24.445 billion RMB, respectively, with the target price increased to 592 Hong Kong dollars.
The bank indicated that Ctrip's third quarter revenue met expectations, with hotel, transportation, and business revenue growth all at the upper limit of guidance. Considering the higher base in the same period last year, the performance of transportation ticketing and hotel reservations during the period shows that tourism and service demand remain strong.
