Trip.com Group (TCOM)

• Market cap: $39.2B
• 1 day: -1.54%
• 5 days: -3.52%
• 1 month: -9.45%
• 3 months: -1.35%
• 6 months: -17.33%
• Year to date: -7.40%
• 1 year: 18.35%
• 5 years: 123.56%
• 10 years: -21.21%
• Sector: Consumer Discretionary
• Industry: Travel Services

About: Trip.com is the largest online travel agent in China and is positioned to benefit from the country's rising demand for higher-margin outbound travel as passport penetration is only 12% in China. The company generated about 79% of sales from accommodation reservations and transportation ticketing in 2024. The rest of revenue comes from package tours and corporate travel. Before the pandemic in 2019, the company generated 25% of revenue from international travel, which is important to its margin expansion. Most of sales come from its domestic platform, but the company is expanding its overseas business. The competes in a crowded OTA industry in China, including Meituan, Alibaba-backed Fliggy, Tongcheng, and Qunar. The company was founded in 1999 and listed on the Nasdaq in December 2003.

Employees: 41,073

Fund manager confidence

Based on 2025 Q1 regulatory disclosures by fund managers ($100M+ AUM)

26% more funds holding in top 10

Funds holding in top 10: 19 [Q4 2024] → 24 (+5) [Q1 2025]

22% more first-time investments, than exits

New positions opened: 60 | Existing positions closed: 49

1% more funds holding

Funds holding: 392 [Q4 2024] → 396 (+4) [Q1 2025]

0.92% more ownership

Funds ownership: 38.34% [Q4 2024] → 39.26% (+0.92%) [Q1 2025]

9% less capital invested

Capital invested by funds: $17.7B [Q4 2024] → $16.1B (-$1.64B) [Q1 2025]

12% less repeat investments, than reductions

Existing positions increased: 136 | Existing positions reduced: 155

22% less call options, than puts

Call options by funds: $145M | Put options by funds: $185M

Research analyst outlook

3 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $70 17% upside
• Avg. target: $74 24% upside
• High target: $80 33% upside

3 analyst ratings

• positive: 3 100%
• neutral: 0 0%
• negative: 0 0%

B of A Securities Eddie Leung	17% upside $70	Buy Maintained	21 May 2025
TD Securities Kevin Kopelman	22% upside $73	Buy Maintained	20 May 2025
Benchmark Fawne Jiang	33% upside $80	Buy Reiterated	20 May 2025