CMB International: Maintains "Buy" rating for Ctrip (TCOM.US) with a target price of $83

2026-03-02 10:33:09

CNBC Finance APP learned that China Merchants Securities released a research report stating that Ctrip Group-S (09961) announced its Q4 2025 earnings, with total revenue of 15.4 billion RMB (same below), up 20.8% year-over-year, exceeding market consensus expectations by 4%. This was driven by strong performance across all business segments, especially corporate travel, packaged tours, and other businesses. Non-GAAP operating revenue was 3.2 billion RMB, 2% higher than market consensus, mainly due to better-than-expected revenue. For the full year 2025, total revenue and non-GAAP operating revenue grew 17% and 11%, respectively. The firm maintains a “Buy” rating on Ctrip and sets a target price of $83 for U.S. stocks (TCOM.US).

The bank believes that despite some sentiment-driven headwinds, Ctrip’s competitive advantages over domestic peers—including a strong supply chain, high service quality, comprehensive product offerings, and global coverage—remain solid and support its long-term growth trajectory. Its international expansion is also steadily progressing to explore further long-term development opportunities.

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