[Brokerage Focus] Bocom Intl: Bullish on OTA/local life competition easing and sustained robust performance by 2025.

Jinwu Financial News | Bocom Intl released its 2025 outlook for the internet plus-related industry, as new policies are progressively implemented, the effects on online and offline consumer spending may become evident the fastest. There is bullish sentiment towards consumer categories on internet trading platforms that are relatively inelastic and can be quickly stimulated, as well as the software industry benefiting from AI empowerment and innovation recovery. It is suggested to focus on stable growth in core business, improvement in profitability, and valuation recovery opportunities driven by high shareholder returns. The bank is optimistic about the easing competition in OTA/local life and the sustained steady performance, with ecommerce > education > gaming > software having significant valuation recovery opportunities. OTA: Mainland hotel ADR pressure is easing, outbound business.

Jinwu Financial NewsNov 28 19:47 ET

【Brokerage Focus】Soochow maintains a "buy" rating on Ctrip Group (09961) and is bullish on the company's overseas business growth.

Jingu Financial News | Soochow released research reports stating that Ctrip Group (09961) achieved net income of 15.9 billion yuan in Q3 24, a year-on-year growth of 16%; adjusted EBITDA was 5.7 billion yuan, adjusted EBITDA profit margin was 36%, a year-on-year increase of 2 percentage points; adjusted net income attributable to the parent company was 6 billion yuan, a year-on-year growth of 22%, both revenue and profit exceeded Bloomberg's expectations. The bank stated that domestic hotel ADR is beginning to stabilize, and outbound travel growth continues to lead the csi leading industry index. 1) Q3 domestic hotel ADR has begun to stabilize, with the year-on-year decline narrowing from double digits to low to mid single digits, mainly due to hotel

Jinwu Financial NewsNov 25 01:53 ET

Guozheng International: Maintaining the "buy" rating for Ctrip Group-S (09961), with the target price raised to 571 HKD.

Guotai Junan International expects Ctrip Group's revenue to increase by 16% year-on-year in 2025.

Zhitong FinanceNov 21 20:40 ET

[Brokerage Focus] Guosen Securities maintains a "outperform the market" rating on Ctrip Group (09961), pointing out that outbound travel and hotel bookings are still important growth drivers.

Jingwu Caixun | Guosen Securities issued a research report stating that Ctrip Group (09961) achieved a third-quarter revenue of 15.87 billion yuan, +15.5% year-on-year, exceeding market expectations (+13.9% year-on-year); Non-GAAP attributable net income was 5.96 billion yuan, +21.8% year-on-year, with adjusted EBITDA of 5.68 billion yuan, +22.9% year-on-year, better than market expectations (-2.5%, +14.4% respectively). The growth rate of revenue in the peak tourism season continued to improve on a high base figure, highlighting the advantages of the leading platform; Q3 adjusted EBITDA margin increased by 2.1 percentage points year-on-year, surpassing market expectations, mainly due to

Jingwu Financial NewsNov 21 03:52 ET

Open Source Securities: The expansion of domestic demand policy optimization boosts confidence, and the OTA platform is still expected to accelerate on a quarter-on-quarter basis in Q4.

With the new expansion cycle of the underlying supply, destination service system, transportation infrastructure, online booking/traffic channels and other upstream and downstream links are building a new supply system to meet the diverse tourism consumption demands of the general public.

Zhitong FinanceNov 21 01:52 ET

Hong Kong stock concept tracking | China's tourism industry has significantly recovered. OTA platforms continue to see high performance growth (concept stock attached)

On November 12, the State Council issued a decision to amend the "National Holidays and Memorial Days Holiday Regulations", including extending the Spring Festival and May Day holidays by one day each, adjusting and modifying the general work duration to not exceed 6 days before and after statutory holidays.

Zhitong FinanceNov 20 21:35 ET