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Haitong Int'l Estimates SAMR Investigation Into Trip.com to Plunge FY26 NP Margin by as Much as 2 ppts
2026-01-15 10:37:07
Haitong International has released a research report on China's State Administration for Market Regulation (SAMR)'s investigation into TRIP.COM-S (09961.HK) for monopolistic behavior.

Referring to previous penalties imposed on BABA-W (09988.HK) and MEITUAN-W (03690.HK) by relevant authorities, TRIP.COM-S, in the worst-case scenario, may face a fine equivalent to 4% of its domestic sales revenue in 2024, with the maximum fine potentially reaching around RMB1.5 billion. Haitong International believes this could lead to a 2 ppt decline in its net profit margin for FY26.

Haitong International has kept an Outperform rating on Trip.com (TCOM.US), with a target price of USD85.
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