Zhi Tong Cai Jing·2025-08-29 08:25Core Viewpoint - Daiwa has raised the target price for Trip.com Group Ltd (09961) to HKD 750, following a second-quarter profit that exceeded market expectations by 8% due to higher-than-expected revenue from accommodation and other services [1] Group 1: Financial Performance - The second-quarter profit surpassed market expectations by 8% [1] - Revenue from accommodation and other services was higher than anticipated [1] Group 2: Future Outlook - For the third quarter, Daiwa expects revenue and operating profit margins to meet current market expectations, with potential for upward movement in operating profit margins due to lower-than-expected marketing expenses [1] - The company is expected to complete its investment in international business this year, with operating profit margins likely to rebound next year [1] Group 3: Share Buyback and Valuation - Trip.com Group announced a new share buyback plan worth USD 5 billion [1] - Daiwa has increased the target price from HKD 745 to HKD 750, corresponding to a projected price-to-earnings ratio of 25 times, while reiterating a "buy" rating [1]