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00780
TONGCHENGTRAVEL
HKD
23.9600.080
(0.34%)
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News
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4.0
01-06aastocksCiti's Ratings and Target Prices for Chinese Internet Companies (Table)
Stock Ratings Overview: Various companies including Alibaba, Baidu, and JD.com received "Buy" ratings with target prices set at US$225, US$181, and US$44 respectively, while others like Meituan and Vipshop were rated as "Neutral."
Short Selling Data: Significant short selling activity was noted for Tencent and Kuaishou, with ratios of 12.707% and 9.756%, indicating investor skepticism about these stocks.
Market Performance: Stocks such as Tencent and Kuaishou experienced positive price movements, with Tencent rising by 2.002% and Kuaishou by 2.717%, reflecting a generally favorable market sentiment.
Related News Insights: Reports highlight the valuation of China's top private companies, suggesting they are nearly half the value of the US's "Magnificent Seven," indicating a competitive landscape in the tech sector.
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6.5
01-05aastocksCiti Report: Consistent Travel in China During New Year Holiday; Cross-Border Travel Data Indicates Robust Performance
Tourism Statistics: During the 2026 New Year holiday, domestic tourism in China reached 142 million visitors and generated RMB84.79 billion in revenue, showing a CAGR of 2.6% and 3.1% compared to 2024.
Spending Trends: The average spending per person decreased by 1% to RMB597 compared to 2024, indicating a slight decline in individual expenditure.
Cross-Border Travel Performance: While domestic travel remained stable, cross-border travel showed strong growth, suggesting a shift in travel preferences.
Future Expectations: Citi Research anticipates a more significant performance during the upcoming Spring Festival, which will last nine days, and maintains a Buy rating for TRIP.COM-S and TONGCHENGTRAVEL stocks.
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8.0
2025-12-29aastocksOTA Platforms Decline as TONGCHENGTRAVEL Falls by Approximately 2% in Tail Market; Reports Indicate China Urges Travel Agencies to Limit Tourist Numbers to Japan
Travel Restrictions: Chinese authorities have reportedly instructed travel agencies to limit the number of tourists visiting Japan during the Christmas holiday, reducing visa applications to 60% of previous levels.
Market Impact: Following the news, travel OTA platforms like TONGCHENGTRAVEL and TRIP.COM experienced declines in their stock prices, with significant short selling activity noted.
Airline Performance: Despite the travel restrictions, three major Chinese airlines saw stock increases of 0.8-2.5%, while CATHAY PAC AIR faced a decline in its stock price.
Sino-Japanese Relations: Tensions between China and Japan have been exacerbated by Japanese Prime Minister Sanae Takaichi's previous comments on Taiwan, contributing to the travel restrictions.
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4.5
2025-12-17aastocksHSI Rises by 233 Points as LI NING Jumps Over 4%; YOFC Surges 21%
Hong Kong Stock Market Performance: Hong Kong stocks rose, with the HSI gaining 233 points (0.9%) to close at 25,468, driven by China's equity market, while total market turnover fell to $183.141 billion.
Key Stock Movements: YOFC surged 21.2% amid significant turnover, while LENS and COWELL also saw gains of 4.2% and 2.6%, respectively, due to Apple's plans to expand iPhone production.
Industrial Production in China: China's industrial production year-on-year for November was reported at 4.8%, slightly below the previous value of 4.9% and below the forecast of 5%.
Gains in Various Sectors: Notable increases were seen in sportswear (LI NING +4.3%), airlines (CHINA SOUTH AIR +5.9%), luggage (SAMSONITE +3.7%), and travel platforms (TONGCHENGTRAVEL +3.4%).
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7.5
2025-12-05aastocksTONGCHENGTRAVEL Reports Nearly 30% Year-Over-Year Increase in Flight and Hotel Bookings for New Year's Day Holiday
- Surge in Searches: Searches for "New Year's Eve" and "New Year's Day" on TONGCHENGTRAVEL increased by over 280% month-over-month in the past month.
- Increase in Bookings: Flight and accommodation bookings for the New Year's Day holiday have risen nearly 30% compared to the same period last year.
Money Flow
Over the past 66 trading days, overall net money flow is 79.52M, with retail investors contributing 10.73M and major investors adding 52.93M.
Net Buy $ Volume
Net Sell $ Volume
Citi
Citi Research
maintain
2026-01-05
New
Reason
Citi Research maintained a "Buy" rating for TRIP.COM-S and TONGCHENGTRAVEL based on the stability of domestic travel during the 2026 New Year holiday and the expectation of stronger performance during the upcoming Spring Festival, which will last nine days—one day longer than in 2025. This anticipation of increased travel activity during the Spring Festival contributed to their positive outlook on these stocks.
Citi
Price Target
2026-01-05
maintain
New
Citi Research maintained a "Buy" rating for TRIP.COM-S and TONGCHENGTRAVEL based on the stability of domestic travel during the 2026 New Year holiday and the expectation of stronger performance during the upcoming Spring Festival, which will last nine days—one day longer than in 2025. This anticipation of increased travel activity during the Spring Festival contributed to their positive outlook on these stocks.
Morgan Stanley
Morgan Stanley
Overweight
maintain
$29
2025-11-26
Reason
Morgan Stanley maintained an Overweight rating on TONGCHENGTRAVEL due to the company's 3Q25 results slightly exceeding expectations. The revenue surpassed forecasts by 1%, driven by a 15% year-over-year growth in the core online travel agency (OTA) business, which outperformed the domestic industry level. Additionally, TONGCHENGTRAVEL achieved a gross margin of 65.7%, which was 1 percentage point higher than Morgan Stanley's forecast. Despite increased marketing expenses, these were offset by a reduction in general administrative expenses, leading to a net profit that was 3% above expectations and an improvement in profit margin by 1 percentage point year-over-year.
Morgan Stanley
Overweight
Price Target
$29
2025-11-26
maintain
Morgan Stanley maintained an Overweight rating on TONGCHENGTRAVEL due to the company's 3Q25 results slightly exceeding expectations. The revenue surpassed forecasts by 1%, driven by a 15% year-over-year growth in the core online travel agency (OTA) business, which outperformed the domestic industry level. Additionally, TONGCHENGTRAVEL achieved a gross margin of 65.7%, which was 1 percentage point higher than Morgan Stanley's forecast. Despite increased marketing expenses, these were offset by a reduction in general administrative expenses, leading to a net profit that was 3% above expectations and an improvement in profit margin by 1 percentage point year-over-year.
HSBC Global Research
HSBC Global Research
maintain
$26
2025-11-26
Reason
The analyst rating for TONGCHENGTRAVEL (00780.HK) is maintained at "Buy" with a target price of $26 due to the company's 3Q25 results being in line with expectations. The core online travel agency (OTA) business showed a growth of 14.9%, driven by a 15% increase in hotel booking revenue. Although the adjusted core OTA business profit margin was slightly below the broker's estimation, the adjusted net profit exceeded expectations, indicating overall positive performance. HSBC Global Research favors online travel platforms like TONGCHENGTRAVEL over airlines, which supports their bullish outlook.
HSBC Global Research
Price Target
$26
2025-11-26
maintain
The analyst rating for TONGCHENGTRAVEL (00780.HK) is maintained at "Buy" with a target price of $26 due to the company's 3Q25 results being in line with expectations. The core online travel agency (OTA) business showed a growth of 14.9%, driven by a 15% increase in hotel booking revenue. Although the adjusted core OTA business profit margin was slightly below the broker's estimation, the adjusted net profit exceeded expectations, indicating overall positive performance. HSBC Global Research favors online travel platforms like TONGCHENGTRAVEL over airlines, which supports their bullish outlook.
CICC
CICC
Outperform
maintain
$28
2025-10-22
Reason
The analyst rating from CICC for TONGCHENGTRAVEL (00780.HK) is maintained at "Outperform" with a target price of $28. This rating is based on the expectation that the company's 3Q25 revenue will increase by 9% year-over-year to RMB5.45 billion, driven by a 14% rise in core OTA revenue to RMB4.59 billion, despite ongoing pressures in the vacation business. Additionally, CICC has largely maintained its revenue and profit forecasts for 2025 and 2026, which supports their positive outlook on the stock.
CICC
Outperform
Price Target
$28
2025-10-22
maintain
The analyst rating from CICC for TONGCHENGTRAVEL (00780.HK) is maintained at "Outperform" with a target price of $28. This rating is based on the expectation that the company's 3Q25 revenue will increase by 9% year-over-year to RMB5.45 billion, driven by a 14% rise in core OTA revenue to RMB4.59 billion, despite ongoing pressures in the vacation business. Additionally, CICC has largely maintained its revenue and profit forecasts for 2025 and 2026, which supports their positive outlook on the stock.
UBS
Buy
maintain
2025-10-21
Reason
The analyst rating for TONGCHENGTRAVEL (00780.HK) is a "Buy" based on several factors outlined in the UBS research report. The key reasons for this rating include:
1. Steady Growth in Core OTA Revenue: The report predicts a 14% year-over-year increase in TONGCHENGTRAVEL's core OTA revenue for 3Q25, which is near the high end of the company's previous guidance range of 10-15%.
2. Resilient Hotel Revenue: Despite travel demand becoming routine during the National Day holiday, the broker believes that TONGCHENGTRAVEL's hotel revenue will remain strong, forecasting mid-teens growth in accommodation revenue.
3. Target Price Increase: The target price for the stock was raised from HKD25.5 to HKD26.5, indicating a positive outlook on the company's performance.
4. Minor Adjustments to Revenue Forecasts: Although the broker slightly lowered the 3Q25 revenue forecast by 0.7% and the full-year forecast by 0.3%, the overall outlook remains positive, supporting the Buy rating.
These factors collectively contribute to the analyst's confidence in TONGCHENGTRAVEL's growth potential and justify the Buy rating.
UBS
Buy
Price Target
2025-10-21
maintain
The analyst rating for TONGCHENGTRAVEL (00780.HK) is a "Buy" based on several factors outlined in the UBS research report. The key reasons for this rating include:
1. Steady Growth in Core OTA Revenue: The report predicts a 14% year-over-year increase in TONGCHENGTRAVEL's core OTA revenue for 3Q25, which is near the high end of the company's previous guidance range of 10-15%.
2. Resilient Hotel Revenue: Despite travel demand becoming routine during the National Day holiday, the broker believes that TONGCHENGTRAVEL's hotel revenue will remain strong, forecasting mid-teens growth in accommodation revenue.
3. Target Price Increase: The target price for the stock was raised from HKD25.5 to HKD26.5, indicating a positive outlook on the company's performance.
4. Minor Adjustments to Revenue Forecasts: Although the broker slightly lowered the 3Q25 revenue forecast by 0.7% and the full-year forecast by 0.3%, the overall outlook remains positive, supporting the Buy rating.
These factors collectively contribute to the analyst's confidence in TONGCHENGTRAVEL's growth potential and justify the Buy rating.
HSBC
HSBC Global Research
upgrade
2025-10-06
Reason
The analyst rating from HSBC Global Research is based on the expectation that the longer Golden Week holiday will lead to increased long-distance and overseas travel, which is anticipated to boost overall tourist spending and benefit online travel agency platforms. The report highlights a year-over-year increase in domestic and outbound flight bookings, as well as significant growth in inter-provincial travel bookings, indicating strong travel demand. Consequently, HSBC raised its target prices for TRIP.COM-S and TONGCHENGTRAVEL and reiterated their Buy ratings.
HSBC
Price Target
2025-10-06
upgrade
The analyst rating from HSBC Global Research is based on the expectation that the longer Golden Week holiday will lead to increased long-distance and overseas travel, which is anticipated to boost overall tourist spending and benefit online travel agency platforms. The report highlights a year-over-year increase in domestic and outbound flight bookings, as well as significant growth in inter-provincial travel bookings, indicating strong travel demand. Consequently, HSBC raised its target prices for TRIP.COM-S and TONGCHENGTRAVEL and reiterated their Buy ratings.
CCBI
CCBI
Outperform
maintain
2025-08-20
Reason
The analyst rating for TONGCHENGTRAVEL (00780.HK) was kept at "Outperform" by CCBI due to several positive factors. The company reported solid 2Q25 results, with revenue meeting expectations and adjusted net profit slightly exceeding forecasts. Looking ahead to 3Q25, CCBI anticipates stable hotel revenue momentum, which is expected to offset a slowdown in the transportation ticketing business. Additionally, the broker highlighted the rising contribution from the high-margin hotel business, improved marketing efficiency, and operational leverage as factors that will continue to boost profit margins. CCBI projected a 10% year-over-year revenue growth and a 17% increase in adjusted net profit for 3Q25, leading to an increase in the target price from $25.9 to $27.2.
CCBI
Outperform
Price Target
2025-08-20
maintain
The analyst rating for TONGCHENGTRAVEL (00780.HK) was kept at "Outperform" by CCBI due to several positive factors. The company reported solid 2Q25 results, with revenue meeting expectations and adjusted net profit slightly exceeding forecasts. Looking ahead to 3Q25, CCBI anticipates stable hotel revenue momentum, which is expected to offset a slowdown in the transportation ticketing business. Additionally, the broker highlighted the rising contribution from the high-margin hotel business, improved marketing efficiency, and operational leverage as factors that will continue to boost profit margins. CCBI projected a 10% year-over-year revenue growth and a 17% increase in adjusted net profit for 3Q25, leading to an increase in the target price from $25.9 to $27.2.
Macquarie
Macquarie
Outperform
to
Buy
downgrade
2025-08-19
Reason
Macquarie
Outperform
to
Buy
Price Target
2025-08-19
downgrade
Goldman Sachs
Goldman Sachs
Buy
downgrade
2025-08-19
Reason
Goldman Sachs maintained a Buy rating for TONGCHENGTRAVEL (00780.HK) due to its in-line results, which showed improvements in platform GMV (Gross Merchandise Value) and profit margins. The company's net profit for the period increased by 18% year-over-year, surpassing both Goldman Sachs' and market expectations by 3%. Despite adjusting its EPS forecast for 2025-27 down by 1-4% and lowering the target price from HKD28.7 to HKD28.4, the overall performance and outlook led to the continued positive rating. However, within the China OTA sector, TRIP.COM-S (09961.HK) was noted as the top pick.
Goldman Sachs
Buy
Price Target
2025-08-19
downgrade
Goldman Sachs maintained a Buy rating for TONGCHENGTRAVEL (00780.HK) due to its in-line results, which showed improvements in platform GMV (Gross Merchandise Value) and profit margins. The company's net profit for the period increased by 18% year-over-year, surpassing both Goldman Sachs' and market expectations by 3%. Despite adjusting its EPS forecast for 2025-27 down by 1-4% and lowering the target price from HKD28.7 to HKD28.4, the overall performance and outlook led to the continued positive rating. However, within the China OTA sector, TRIP.COM-S (09961.HK) was noted as the top pick.
Citi
Buy
maintain
$26 -> $28
2025-08-19
Reason
Citi
Buy
Price Target
$26 -> $28
2025-08-19
maintain
Valuation Metrics
Forward PE
5Y Average PE
18.30
Current PE
12.50
Overvalued PE
26.49
Undervalued PE
10.11
Forward EV/EBITDA
5Y Average EV/EBITDA
10.92
Current EV/EBITDA
7.75
Overvalued EV/EBITDA
14.54
Undervalued EV/EBITDA
7.31
Forward PS
5Y Average PS
2.89
Current PS
2.25
Overvalued PS
3.71
Undervalued PS
2.08
Financials
Annual
Quarterly
N/A
Total Revenue
N/A
Operating Profit
N/A
EPS - Diluted
N/A
Gross Profit Margin - %
N/A
Net Margin - %
Trading Trends
Daily
Monthly
No data
Short Selling
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