CMBI raised its non-GAAP net profit forecasts for Tongcheng Travel for 2026 and 2027 by 5% each after the company reported better-than-expected 4Q25 results, with total revenue and adjusted net profit exceeding forecasts. The target price was slightly increased to HKD25.5, maintaining a 'Buy' rating due to anticipated growth in the core OTA business driven by resilient travel demand.
