Investment Rating - The report maintains a "BUY" rating for WEB Travel Group Limited with a 12-month price target of A$6.20, slightly up from the previous target of A$6.15 [5][3]. Core Insights - WEB Travel Group Limited has shown resilience in a challenging macro environment, with a strong exit from FY25 and an acceleration into FY26 driven by its conversion strategy [1]. - The company reported a total transaction value (TTV) of A$4.9 billion for FY25, reflecting a 22% year-over-year increase, and a revenue/TTV margin of 6.7% [2][8]. - Despite a marginal EBITDA miss at A$121 million, the underlying performance was stronger than expected, with improved revenue composition [2][8]. - The company is targeting a long-term TTV of A$10 billion by FY30E with an EBITDA margin of approximately 50% [2][3]. Financial Performance - FY25 TTV was A$4.9 billion, up 22% year-over-year, with a revenue of A$328.4 million, slightly above expectations [2][8]. - EBITDA for FY25 was A$121 million, down 13% year-over-year, but 1% above consensus estimates [2][8]. - Cash flow conversion was reported at 73%, lower than the expected 80% [2]. - Bookings for FY26 year-to-date have increased by 29%, with TTV growth of 37% [2]. Forecasts and Valuation - The report forecasts a TTV of A$5.97 billion for FY26, with a revenue target of A$389.2 million [9]. - EBITDA margins are expected to improve to 44-47% in FY26 and reach 50% by FY27 [2][9]. - The valuation metrics indicate WEB is trading at a forward cash-adjusted PE of 17.5x, with a projected 3-year EPS CAGR of over 15% [1][3].

Core Insights - Tongcheng Travel reported a revenue of Rmb4.38 billion in 1Q25, representing a 13% year-over-year increase, and an adjusted net profit of Rmb788 million, up 41% year-over-year, exceeding expectations due to a higher-than-expected core OTA operating profit margin [1] - The company raised its 2025 EPS forecast from Rmb1.38 to Rmb1.41, while maintaining forecasts for 2026 and 2027 at Rmb1.57 and Rmb1.74 respectively, and increased the target price from HK$24.8 to HK$26.5, indicating a 21% upside potential [1] Domestic Operations - In 1Q25, core OTA revenue increased by 18% year-over-year, with accommodation reservation revenue up 23% and transportation ticketing revenue rising 15% [2] - Monthly paying users (MPUs) grew by 9% year-over-year to 46.5 million, and annual paying users (APUs) increased by 8% year-over-year to 250 million, both reaching historical highs [2] - The domestic hotel take rate is expected to rise by 0.5 percentage points quarter-over-quarter to 9.5-10% in Q2, driven by reduced subsidies [2] - Hotel average daily rate (ADR) growth is anticipated to turn positive in 2Q25, with an upward trend in the proportion of three-star and above hotels on the platform [2] Outbound Travel Business - The outbound travel business is projected to turn from loss to profit in 2025, with outbound flight tickets contributing approximately 5% to transportation revenue in 1Q25 [2] - By the end of the year, outbound flight tickets and hotels are expected to contribute more than 7% to flight and hotel revenue, with the loss from outbound flight tickets decreasing quarter-over-quarter [2] Investment Outlook - The company maintains a Buy rating, reflecting optimism about the growth certainty of the online travel industry and the stability of its competitive landscape [3] - Improvements in marketing efficiency and the expansion of outbound travel are expected to enhance margins, while the hotel management business is poised to provide additional growth drivers [3]

MakeMyTrip Ltd. (NASDAQ: MMYT) Investor Presentation May 2025 Safe Harbour This presentation contains certain statements concerning MakeMyTrip's (MMYT) future growth prospects and forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the MMYT's current expectations, assumptions, estimates and projections about MMYT and its industry. These forward-looking statements are subject to variou ...

This article has been reviewed according to Science X's editorial process and policies . Editors have highlighted the following attributes while ensuring the content's credibility: Credit: CC0 Public Domain Airbnb on Tuesday began letting users book in-home massages, chefs and personal trainers in an overhauled app as it continued to expand beyond being just a platform for short-term lodging. "Hotels do have one thing that we don't have and those are services," said chief executive Brian Chesky at a laun ...

一季度房晚销售3.19亿，分析师预期3.166亿。 Booking一季度营收47.6亿美元，分析师预期45.9亿美元。 ...