Trip.com GroupTCOM
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 78% of sales from accommodation reservations and transportation ticketing in 2020. The rest of revenue comes from package tours and corporate travel. Before the pandemic in 2019, the company generated 25% of revenue from international business, which is important to its margin expansion. Most of sales come from its online platform, but the company also maintains offline call centers. 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: 36,249
Fund manager confidence
Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)
47% more funds holding in top 10
Funds holding in top 10: 19 [Q2] → 28 (+9) [Q3]
45% more first-time investments, than exits
New positions opened: 68 | Existing positions closed: 47
26% more capital invested
Capital invested by funds: $12.8B [Q2] → $16.1B (+$3.36B) [Q3]
5% more funds holding
Funds holding: 360 [Q2] → 377 (+17) [Q3]
1.39% more ownership
Funds ownership: 38.85% [Q2] → 40.25% (+1.39%) [Q3]
5% more repeat investments, than reductions
Existing positions increased: 135 | Existing positions reduced: 128
38% less call options, than puts
Call options by funds: $200M | Put options by funds: $325M
Research analyst outlook
8 Wall Street Analysts provided 1 year price targets over the past 3 months
8 analyst ratings
Benchmark Fawne Jiang 63% 1-year accuracy 34 / 54 met price target | 18%upside $80 | Buy Reiterated | 14 Jan 2025 |
Citigroup Brian Gong 83% 1-year accuracy 5 / 6 met price target | 15%upside $78 | Buy Maintained | 3 Jan 2025 |
Barclays Jiong Shao 57% 1-year accuracy 21 / 37 met price target | 24%upside $84 | Overweight Maintained | 20 Nov 2024 |
Macquarie Ellie Jiang 50% 1-year accuracy 3 / 6 met price target | 19%upside $81 | Outperform Maintained | 20 Nov 2024 |
HSBC Parash Jain 50% 1-year accuracy 2 / 4 met price target | 10%upside $75 | Buy Upgraded | 19 Nov 2024 |
Financial journalist opinion
Based on 6 articles about TCOM published over the past 30 days
