Core Viewpoint - MakeMyTrip Limited has issued a Repurchase Right Notice to holders of its 0.00% Convertible Senior Notes due 2028, allowing them to require the company to repurchase the notes on specified dates [1][3]. Group 1: Repurchase Right Details - The Repurchase Right allows holders to require the company to repurchase all or a portion of their notes at par value on February 15, 2026 [3]. - The total outstanding principal amount of the notes as of January 12, 2026, is US$230 million, meaning if all notes are repurchased, the total cash purchase price will also be US$230 million [3]. - The Repurchase Right expires at 11:59 p.m. Eastern Time on February 12, 2026, and holders must follow specific procedures to exercise this right [4]. Group 2: Company Overview - MakeMyTrip Limited is a leading travel service provider in India, operating well-known brands such as MakeMyTrip, Goibibo, and redBus [9]. - The company offers a wide range of travel services, including air ticketing, hotel bookings, holiday planning, rail ticketing, and car hire, both domestically and internationally [9][10]. - MakeMyTrip provides access to major airlines and accommodation properties in India and abroad, as well as services like travel insurance and visa processing [10].

Summary of Tongcheng Travel Holdings Conference Call Company Overview - **Company**: Tongcheng Travel Holdings (0780.HK) - **Industry**: Online Travel Services in China Key Points and Arguments 1. Financial Performance and Guidance - **4Q25 GMV Growth**: Accelerated to high-single digit % year-over-year, compared to mid-single digit % in 3Q25, primarily driven by the hospitality segment [1] - **Hotel ADR Increase**: Low-to-mid single digit % increase in Average Daily Rate (ADR) on the platform, attributed to a slowdown in hotel supply [1] - **Ticketing Business Performance**: Tracking low-to-mid single digit % year-over-year growth, aligning with broader industry trends due to high online penetration rates of 80-90% [1] - **4Q25 Revenue Guidance**: Expected revenue growth of 10-15%, with 15-20% from Online Travel Agency (OTA) services and a stable EBIT margin of 28.4% [1] 2. Strategic Focus for 2026 - **Leisure Travel Demand**: Management is optimistic about resilient demand supported by favorable policies, such as more school holidays [2] - **User Base Monetization**: Targeting existing 252 million user base with promotions and subsidies; users are willing to spend more on upgraded services [2] - **Outbound Travel Business**: Currently represents ~5% of group revenue but has reached breakeven profitability; plans to prioritize air ticket bookings before expanding into hospitality [2] - **Mobile App Development**: Mobile apps account for ~10% of Monthly Active Users (MAU), up from 5% in 2023, reducing reliance on Weixin platform from ~80% to 75% [2] 3. Competitive Landscape - **Competition Analysis**: Competition remains benign with smaller operators focusing on niche markets; it will take time for them to build supply chains and customer service teams [3] 4. Margin Improvement Potential - **EBIT Margin Improvement**: Potential for further improvement driven by increased GMV contribution from mobile app users, improved profitability from hotel management and outbound travel, and operational efficiency through AI adoption [7] 5. Market Sentiment and Valuation - **Share Price Performance**: The share price has been range-bound due to concerns over domestic competition and profit margin comparisons [8] - **Valuation Metrics**: Current trading at 13x FY26E P/E, representing a 24% discount to 17x for TCOM, in line with historical averages [8] 6. Price Target and Risks - **Price Target**: 12-month target price set at Rmb28.8, based on an 85% weighting to fundamental value and a 15% weighting to M&A value [9] - **Downside Risks**: Increased competition, potential decline in transportation take rates, reliance on Tencent/WeChat, and weaker macroeconomic conditions [10] 7. Investment Thesis - **Investment Recommendation**: Rated as a Buy due to leverage on resilient domestic travel, upside from hospitality segment, and ongoing business initiatives that could drive earnings growth [11] Additional Insights - **Market Capitalization**: HK$52.6 billion / $6.7 billion [13] - **Revenue Forecasts**: Expected revenue growth from Rmb17,340.7 million in FY24 to Rmb24,372.1 million in FY27 [13] - **Free Cash Flow Yield**: Projected to increase from 6.8% in FY25 to 10.5% in FY27 [13]

Core Viewpoint - WEBUY GLOBAL LTD is currently not in compliance with Nasdaq's Minimum Stockholders' Equity Rule, which requires a minimum of $2,500,000 in stockholders' equity for continued listing on The Nasdaq Capital Market [1][2]. Financial Compliance - As of June 30, 2025, the company reported stockholders' equity of $364,584, significantly below the required minimum [2]. - The company does not meet the alternatives of market value of listed securities or net income from continuing operations as of January 5, 2026, leading to non-compliance [2]. Listing Status - The company's Class A Ordinary Shares continue to trade under the symbol "WBUY," and the Notification Letter does not have an immediate effect on its listing status [3]. - The company has 45 calendar days, until February 19, 2026, to submit a plan to regain compliance, with the possibility of an extension of up to 180 days if the plan is accepted [3][4]. Compliance Measures - The company is evaluating various measures to regain and sustain compliance with Nasdaq Listing Rules and plans to submit its compliance plan by the due date [4]. - There is no assurance that the company's compliance plan will be accepted or that it will regain compliance with the Minimum Stockholders' Equity Rule [4]. Company Overview - WEBUY GLOBAL LTD is a technology-driven platform focused on transforming social commerce and travel services across Southeast Asia, providing curated travel experiences and cross-border tour services [5].

Group 1: Company Overview - Booking Holdings (NASDAQ:BKNG) is a significant player in the travel industry, providing services such as hotel reservations, car rentals, and flight bookings [1] - BKNG's current stock price is $5,367.37, reflecting a 0.83% increase from previous levels, with fluctuations between $5,281.54 and $5,443.33 during the trading day [3] - The stock has experienced a high of $5,839.41 and a low of $4,096.23 over the past year, indicating resilience and growth potential [4] Group 2: Market Performance and Investor Sentiment - Bernstein has set a price target of $5,407 for BKNG, suggesting a modest 0.74% increase, which reflects cautious optimism about the stock's potential [1][6] - Today's trading volume for BKNG is 178,441 shares, indicating strong investor interest and confidence in the stock [5] - The travel industry's adaptation to a "normal" economy is expected to influence BKNG's stock performance and investor strategies [2][6] Group 3: Economic Context - The travel industry is closely monitoring the concept of a "normal" economy, which could impact stocks like BKNG and lead to sector rotations affecting performance [2] - As the economy stabilizes, shifts in investor strategies may influence stock valuations, making BKNG's price target relevant [2]

Core Viewpoint - The popularity of skiing in China is rapidly increasing, with a significant rise in participation among younger demographics, particularly those born in the 1990s, as skiing transitions from a niche sport to a mainstream recreational activity [2][3]. Group 1: Market Trends - A "Beginner Skiing" package launched by Meituan Travel offers a comprehensive service for as low as 99 yuan, making skiing more accessible to the public [2][3]. - Since November, nearly 20 million people have shown interest in ice and snow sports, with over 40% of participants being post-95s [2]. - The search volume for "beginner skiing" has increased by 292% in December, indicating a growing interest in skiing among new users [5]. Group 2: Demographics and Participation - Over 50% of skiing enthusiasts are from the post-90s generation, highlighting a trend of younger individuals engaging in skiing as a social activity [3][5]. - The majority of the ice and snow interest demographic is under 35 years old, making up 52% of the total [7]. - The adult participation in skiing training has notably increased, especially among those aged 30 to 40, with over 80% being beginners [5]. Group 3: Consumer Behavior - The customer base for skiing is evolving, with many new skiers transitioning into dedicated enthusiasts willing to invest in equipment and advanced training after initial experiences [7][8]. - The demand for night skiing has surged, with ticket sales increasing by over 30% this year [8]. - Related sectors such as transportation and accommodation are also benefiting, with hotel bookings up by 9% and flight bookings soaring by 45% in December [8]. Group 4: Industry Initiatives - Meituan Travel is collaborating with various ski resorts to enhance skiing services and offer exclusive member benefits, aiming to stimulate the ice and snow economy [9].

Core Insights - The conference features Ewout Steenbergen, CFO of Booking Holdings, indicating a focus on the travel and bookings sector [1] Group 1: Company Overview - Booking Holdings is participating in the 2025 Nasdaq Morgan Stanley London TMT Conference, highlighting its engagement with investors and analysts in the travel industry [1] - The CFO's presence suggests a strategic emphasis on financial performance and future outlook within the company [1] Group 2: Industry Context - The discussion will likely cover current trends in travel and bookings, reflecting the industry's recovery and growth potential post-pandemic [2] - There is an expectation to address Agentic, which may indicate a focus on technological advancements or partnerships within the travel sector [2]

Core Viewpoint - Trip.com (TCOM) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook on its earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system is based on changes in earnings estimates, which are strongly correlated with near-term stock price movements [4][6]. - An increase in earnings estimates typically leads to higher fair value calculations by institutional investors, resulting in stock price movements [4]. Company Performance and Analyst Sentiment - Rising earnings estimates for Trip.com suggest an improvement in the company's underlying business, which could lead to higher stock prices as investors respond positively [5]. - Over the past three months, the Zacks Consensus Estimate for Trip.com has increased by 27.3%, indicating a favorable revision trend [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - Trip.com's upgrade to Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, suggesting strong potential for market-beating returns in the near term [10].

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Huoli Group Holdings Limited 活力集团控股有限公司 (the "Company") (A company incorporated in the Cayman Islands with limited ...

Core Insights - 13D Management LLC has initiated a new position in Tripadvisor, acquiring 300,000 shares valued at approximately $4.88 million as of September 30, 2025 [2][3][7] - This new stake represents approximately 4.68% of 13D Management's reportable assets under management (AUM) and is outside the fund's top five holdings [4][7] Company Overview - Tripadvisor has a market capitalization of $1.73 billion, with a trailing twelve months (TTM) revenue of $1.83 billion and a net income of $5 million [5] - As of November 13, 2025, Tripadvisor shares were priced at $14.78, reflecting a 3% increase over the past year, although it lags the S&P 500 by 9 percentage points [4] Business Model - Tripadvisor operates as a leading online travel platform, offering a wide range of services including hotel bookings, vacation rentals, restaurant reservations, and experiences through various brands such as TripAdvisor, Viator, and TheFork [9][10] - The company leverages its scale and technology to connect millions of travelers with accommodations, experiences, and dining options globally, creating a comprehensive travel ecosystem that drives engagement and monetization opportunities [9]

Summary of Trip.com Group Ltd (TCOM) Conference Call Company Overview - **Company**: Trip.com Group Ltd (TCOM) - **Industry**: China Internet and Other Services - **Market Cap**: US$48.82 billion - **Stock Rating**: Overweight - **Price Target**: US$83.00, representing a 17% upside from the current price of US$70.89 as of November 17, 2025 Key Financial Highlights - **3Q25 Revenue**: Rmb18.2 billion, up 16% YoY, 1% above Morgan Stanley estimates [2][4] - **Segment Performance**: - **Hotel Revenue**: Up 18% YoY - **Flight Revenue**: Up 12% YoY - **International OTA GTV**: Up 60% YoY - **Outbound Volume**: Recovered to 140% of pre-COVID levels [2] - **Non-GAAP Operating Profit**: Rmb6.1 billion, up 12% YoY, 4% above estimates [3] - **Non-GAAP Net Profit**: Rmb19.2 billion, up 221% YoY, primarily due to Rmb17 billion in other income from the sale of MMYT stake [3] Detailed Financial Metrics - **Operating Margin**: 33.4%, 1.2 percentage points above estimates [3] - **Net Revenue**: Rmb18.338 billion, up 16% YoY [4] - **Gross Profit**: Rmb14.979 billion, with a gross margin of 81.7% [4] - **Profit Before Tax**: Rmb23.098 billion, a 315% increase YoY [4] - **Net Income to Shareholders**: Rmb19.919 billion, up 165% YoY [4] Future Outlook - **EPS Estimates**: - FY 2025: Rmb26.62 - FY 2026: Rmb29.45 - FY 2027: Rmb33.50 [6] - **Revenue Projections**: - FY 2025: Rmb61.347 billion - FY 2026: Rmb68.881 billion - FY 2027: Rmb76.381 billion [6] Risks and Considerations - **Upside Risks**: - Rebound in macroeconomic growth and RMB - Recovery in outbound travel growth [10] - **Downside Risks**: - Rising competition from domestic players like Tongcheng Travel and Meituan - Pandemic uncertainties and macroeconomic slowdown affecting travel demand [10] Valuation Methodology - **Valuation Method**: Discounted Cash Flow (DCF) - **Key Assumptions**: - WACC of 10.5% - Terminal growth rate of 3% - FX rate of 7.15 [9] Conclusion Trip.com Group Ltd shows strong financial performance with significant growth in revenue and profit metrics, driven by recovery in travel demand. The company is well-positioned for future growth, although it faces competitive and macroeconomic risks. The stock is rated as Overweight with a favorable price target indicating potential upside.