Core Viewpoint - The report from CMB International indicates that Tongcheng Travel (00780) is expected to meet previous performance expectations for Q3, with overall revenue and profit projected to grow by 9% and 13% year-on-year respectively, reflecting stable growth [1] Revenue and Profit Forecast - The total revenue for Tongcheng Travel in Q3 is anticipated to increase by 9% year-on-year, with core OTA revenue expected to rise by 15% to 4.6 billion RMB [1] - The revenue from accommodation and transportation services is projected to grow by 14% and 10% year-on-year respectively, driven by an increase in room nights and an improvement in Average Daily Rate (ADR) [1] Net Profit Expectations - The adjusted net profit for Q3 is forecasted to be 1.03 billion RMB, representing a 13% year-on-year increase, with a corresponding net profit margin of 18.9% [1] Target Price and Rating - The target price for Tongcheng Travel is maintained at 25.5 HKD, with a buy rating upheld for the stock [1]
交银国际：维持同程旅行(00780)“买入”评级 目标价25.5港元