Group 1 - Citi has a positive short-term outlook on Tongcheng Travel (00780) due to reasonable valuations and the upcoming Spring Festival travel peak, maintaining a "Buy" rating [1] - The expansion in lower-tier cities and outbound tourism, along with further increases in average room revenue, are expected to drive hotel revenue growth in double digits and slightly improve profit margins by 2026 [1] - Citi has slightly raised its earnings forecasts for Tongcheng Travel for 2025 to 2027 and maintains a target price of HKD 28 [1] Group 2 - The market anticipates that Tongcheng Travel will announce its Q4 2025 results in mid-March, with revenue and adjusted profits likely to meet market expectations [1] - Hotel revenue is expected to grow by 15.8% year-on-year in Q4 2025, driven by the recovery in average room revenue and a low single-digit increase in room nights [1] - Growth in transportation ticketing revenue is likely to benefit mainly from improved commission rates [1]
花旗：同程旅行估值合理基本面稳定 评级“买入”