Core Viewpoint - Citi has a positive short-term outlook on Tongcheng Travel (00780) due to reasonable valuations and the upcoming peak travel season during the Spring Festival, maintaining a "Buy" rating [1] Group 1: Company Performance - The fundamentals of Tongcheng Travel remain stable, with expectations for hotel revenue to achieve double-digit growth driven by the expansion in lower-tier cities and outbound travel, along with an increase in average room rates [1] - Citi has slightly raised its earnings forecasts for Tongcheng Travel for 2025 to 2027, while keeping the target price unchanged at HKD 28 [1] Group 2: Market Expectations - 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, supported by the recovery in average room rates and a low single-digit growth in room nights [1] - Growth in transportation ticketing revenue is expected to benefit mainly from improved commission rates [1]
花旗：同程旅行(00780)估值合理基本面稳定 评级“买入”