North America Equity Research December 2025 US Internet 2026 Outlook Doug Anmuth AC (212) 622-6571 douglas.anmuth@jpmorgan.com J.P. Morgan Securities LLC Dae Lee, CFA AC (415) 315-8500 dae.k.lee@jpmorgan.com J.P. Morgan Securities LLC Bryan M. Smilek AC (212) 622-8886 bryan.smilek@jpmorgan.com J.P. Morgan Securities LLC Neeraj Kookada, CFA (212) 622-0270 neeraj.s.kookada@jpmorgan.com J.P. Morgan Securities LLC Margaret Hoffman (212) 622-1710 margaret.hoffman@jpmchase.com J.P. Morgan Securities LLC See the e ...

Core Insights - The campaign "Step into Thainess – Shop like a Thai" aims to enhance tourism and position MBK Center as a Cultural Shopping Destination by integrating Thailand's culture with shopping experiences [1][2] - The initiative targets all generations, emphasizing the warmth and friendliness of Thai shopping, alongside cultural events that create lasting impressions [1][2] Campaign Details - The campaign video showcases tourists' experiences and highlights the unique aspect of bargaining in Thai culture, which travelers appreciate [2] - Elements like 'Khon Dance' and 'Muay Thai Fight Night' are incorporated to provide a memorable experience and promote Thailand's soft power [2][8][9] Tourist Insights - MBK Center has received accolades such as the Travelers' Choice Awards 2025 and Trusted Thailand certification, affirming its status as a must-visit destination in Bangkok [3] - The shopping preferences of tourists vary by region, with Europeans favoring souvenirs, Asians enjoying haggling, and Middle Eastern tourists appreciating the variety of products [7] Shopping Experience - MBK Center offers a diverse range of products, from fashion to IT, and includes trendy Thai souvenirs [4] - Health and beauty clinics, supermarkets, lifestyle shops, and various restaurants are available, enhancing the shopping experience [5][6] Cultural Activities - Free performances of Khon dance are held monthly, showcasing traditional Thai culture [8] - Muay Thai Fight Nights are popular events that attract both locals and tourists, held twice a month [9]

10 December 2025 Global Hotels & Leisure Online Travel Agents: 'Tis the Season to Book. Q4 demand shaping up well, but will AI be the Grinch? Richard J. Clarke, FCA +44 20 7676 6850 richard.clarke@bernsteinsg.com Niall Mitchelson +44 20 7676 7144 niall.mitchelson@bernsteinsg.com In this note we look at the latest traffic data for online travel as an early indicator for Q4. The good news is demand looks strong, all companies' traffic suggest volume is running ahead of consensus by 1-2%. Guidance baked in som ...

HONG KONG - 2018/06/19: In this photo illustration, the American travel agency and restaurant website company TripAdvisor logo is displayed on a smartphone screen next to different travel accessories. (Photo Illustration by Miguel Candela/SOPA Images/LightRocket via Getty Images)LightRocket via Getty ImagesCCL is Tripadvisor’s competitor in the Hotels, Resorts & Cruise Lines sector that possesses:1) A lower valuation (P/OpInc) in comparison to Tripadvisor stock2) However, it demonstrates higher revenue and ...

Core Insights - 13D Activist Fund reported a Q3 2025 return of 8.88%, underperforming the Russell 2000 Index which returned 12.39% [1] - The Russell 2000 outperformed the S&P 500 by the largest margin in three years, with returns of 12.39% compared to 8.12% [1] Company Overview: Tripadvisor, Inc. (NASDAQ:TRIP) - Tripadvisor, Inc. is an online travel company with a one-month return of -1.04% and a 52-week gain of 8.46% [2] - As of December 03, 2025, Tripadvisor's stock closed at $15.26 per share, with a market capitalization of $1.784 billion [2] Business Performance - Tripadvisor operates three platforms: Tripadvisor.com, Viator, and TheFork, with Tripadvisor.com generating $900 million in revenue and 300 million monthly unique visitors [3] - Viator is expected to exceed $900 million in revenue this year, while TheFork is projected to generate over $200 million [3] - Despite strong revenue streams, Tripadvisor trades at a significant discount, around 7x EBITDA, compared to low to mid-teens for peers and higher historical multiples [3]

Core Points - Holland America Line has been awarded "Best Service" in the Ocean Category by Cruise Critic for four consecutive years, highlighting the cruise line's commitment to exceptional service [1] - The cruise line also received the "Best Itineraries" award in the Ocean Category for 2025, recognized for its thoughtfully crafted itineraries that offer variety and depth [1] Service Excellence - The award for "Best Service" emphasizes the high level of personalized service provided by the crew, known for their warmth, longevity, and attention to detail [1] - Holland America Line's crew members create a welcoming atmosphere, enhancing the overall guest experience with genuine hospitality [1] Itinerary Highlights - Holland America Line offers diverse itineraries, including special themed cruises and exclusive access to destinations like Glacier Bay in Alaska [1] - The cruise line operates from multiple homeports in Europe, making it convenient for passengers to choose suitable sailings [1]

Core Insights - Virgin Voyages has been named the 'Best Ocean Cruise Line' in the 2025 Cruise Critic Best in Cruise Awards, highlighting its innovative approach and exceptional onboard experiences [1] - The cruise industry is projected to see nearly 40 million travelers in 2026, indicating significant growth and increasing demand for cruise travel options [1] - The awards are based on expert insights and traveler ratings, ensuring a comprehensive evaluation of cruise lines [1] Ocean Awards - **Best Ocean Cruise Line:** Virgin Voyages, recognized for redefining cruising with innovative offerings and nearly all-inclusive fares [1] - **Best New Ship:** Celebrity Xcel, noted for its elevated experience and fresh approach to Celebrity Cruises' Edge-class [1] - **Best Value for Money:** Carnival Cruise Line, praised for its competitive pricing and inclusive offerings [1] River Awards - **Best River Cruise Line:** Avalon Waterways, distinguished for its well-thought-out offerings and diverse itineraries [1] - **Best New River Ship:** AmaMagdalena, designed for Colombia's Magdalena River, showcasing local craftsmanship [1] Luxury Awards - **Best Luxury Cruise Line:** Explora Journeys, recognized for setting new standards in luxury cruising with its boutique vessels [1] - **Best New Luxury Ship:** Oceania Allura, acclaimed for its exquisite design and culinary excellence [1] Expedition Awards - **Best Expedition Cruise Line:** National Geographic-Lindblad Expeditions, noted for its commitment to redefining exploration [1] - **Best for Adventure:** Quark Expeditions, recognized for providing adrenaline-pumping experiences in polar regions [1] Cruisers' Choice Awards - **Top-Rated Ocean Cruise Lines:** Margaritaville at Sea, Virgin Voyages, and Celebrity Cruises [2] - **Top-Rated River Cruise Lines:** Avalon Waterways, Viking, and Emerald Cruises [2] - **Top-Rated Luxury Cruise Lines:** Viking, Explora Journeys, and The Ritz-Carlton Yacht Collection [2]

Longleaf Partners, managed by Southeastern Asset Management, released its “Small-Cap Fund” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. The fund returned 2.03% in the third quarter, compared with the Russell 3000’s 8.18% and the Russell 2000’s 12.39%. For more information on the fund’s best picks in 2025, please check its top five holdings. In its third-quarter 2025 investor letter, Longleaf Partners Small-Cap Fund highlighted stocks such as Tripadvisor, Inc. (NASDAQ:TR ...

Core Insights - Tripadvisor's annual Winter Travel Index indicates a significant increase in winter travel demand, with 60% of travelers planning trips and 45% traveling more than last year [1][2] - Cost remains a primary consideration for travelers, yet over half (52%) are expected to spend more this year despite economic uncertainties [2] Travel Preferences - Travelers are divided in their destination choices, with major cold-weather cities like New York City and London competing with warm-weather destinations such as Cancun and Bangkok [3][5] - U.S. travelers show a preference for both cold and warm destinations, favoring New York City and sunny international locations, particularly in Mexico [3][7] Travel Behavior and Activities - A strong emphasis on activities and experiences is noted, with 93% of travelers considering experiences important to their travel budget and 84% prioritizing planned activities [4][8] - Cultural sightseeing is the most popular travel activity at 38%, followed by nature sightseeing (37%), shopping (31%), and road trips (28%) [4] Generational Trends - Travel behaviors vary significantly by age group, with Gen Z and Millennials showing a higher preference for activities compared to older generations [11] - Younger travelers are more likely to plan ambitious itineraries, with nearly one-third visiting three or more cities during their biggest winter trip [11] Seasonal Influences - Seasonal factors influence 86% of winter travel decisions, with a focus on family connections and cultural experiences during the holiday season [13]

Core Insights - 13D Management LLC has initiated a new position in Tripadvisor, acquiring 300,000 shares valued at approximately $4.88 million as of September 30, 2025 [2][3][7] - This new stake represents approximately 4.68% of 13D Management's reportable assets under management (AUM) and is outside the fund's top five holdings [4][7] Company Overview - Tripadvisor has a market capitalization of $1.73 billion, with a trailing twelve months (TTM) revenue of $1.83 billion and a net income of $5 million [5] - As of November 13, 2025, Tripadvisor shares were priced at $14.78, reflecting a 3% increase over the past year, although it lags the S&P 500 by 9 percentage points [4] Business Model - Tripadvisor operates as a leading online travel platform, offering a wide range of services including hotel bookings, vacation rentals, restaurant reservations, and experiences through various brands such as TripAdvisor, Viator, and TheFork [9][10] - The company leverages its scale and technology to connect millions of travelers with accommodations, experiences, and dining options globally, creating a comprehensive travel ecosystem that drives engagement and monetization opportunities [9]