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2026-06-29 11:49:19 CMBI issued a report stating that Trip.com Group Limited (TCOM.US) recorded total revenue of RMB16.2 billion in 1QYY, up 17.2% YoY, exceeding both the broker癒礎s and market consensus estimates by 2%. Non-GAAP operating profit reached RMB4.6 billion, 4% above consensus, mainly driven by stronger-than-expected revenue. However, the broker noted that weaker guidance for 2QYY weighed on market sentiment. Management expects 2QYY revenue to grow 3% to 8% YoY, compared with consensus expectations of 14% YoY growth. The anticipated QoQ slowdown was attributed to direct and indirect impacts from macro headwinds, such as elevated energy prices and geopolitical volatility, as well as operational adjustments implemented by Trip.com to adapt to evolving industry standards and compliance frameworks. Taking into account industry-level headwinds, CMBI lowered its 2026-2028 revenue forecasts by 5% to 6% and non-GAAP operating profit forecasts by 11% to 13%, and cut its TP by 14% to USD71.6. The broker believes that Trip.com癒礎s competitive advantages remain solid relative to peers, and that valuation re-rating will depend on the normalization of macro headwinds and improved earnings visibility after the completion of operational optimization. The Buy rating is maintained. (ad/u)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |