同程旅行：Resilient travel consumption to continue

M N 22 May 2024 CMB International Global Markets | Equity Research | Company Update Tongcheng Travel (780 HK) Resilient travel consumption to continue Target Price HK$26.10 Tongcheng Travel (“TC”) delivered a strong quarter in 1Q24, with revenue Up/Downside 23.1% +50% YoY (3% above consensus) and adj. net profit +11% YoY (4% above Current Price HK$21.20 consensus). We see high visibility for TC to continuously gain share in 2Q24E, with healthy margin profile. For 2Q24E, we forecast total revenue China Enter ...