Core Insights - Lunar New Year 2026 travel is experiencing significant growth, with bookings on Trip.com Group's platforms increasing by double digits compared to the previous year [1] Travel Trends - Long-haul travel, packaged routes, and premium choices are redefining this year's Lunar New Year journeys [2] - Extended public holidays across Asia-Pacific are enabling longer stays and more complex itineraries [3][4] - Cross-border bookings with stays of seven nights or more have risen nearly 40% year-on-year, while long-haul bookings have surged by over 50% [5] Popular Destinations - Europe and Oceania are emerging as top long-haul destinations for Asian travelers, with Norway seeing over 200% growth in bookings from Singapore [6] - Australia has recorded over 100% increase in travelers from China, with New Zealand also experiencing close to 50% growth [6] Package Tours and Itineraries - Interest in package tours is rising, with popular options including an eight-day Turkey journey and a five-day Los Angeles–Las Vegas–Grand Canyon tour [7] - Multi-city travel is becoming increasingly appealing, as seen in itineraries featuring Osaka and Kyoto in Japan [7] Premium Travel Preferences - There is a notable shift towards premium travel, with first-class flight bookings rising 83% year-on-year and business-class travel increasing by 38% [8] - Demand for five-star hotels has climbed 59%, with upper-tier properties representing around three-quarters of accommodation booked in Southeast Asia [9] Regional Travel Dynamics - East Asia and Southeast Asia dominate overall bookings during the Lunar New Year, with Vietnam, South Korea, and Indonesia showing some of the fastest growth [10][11] - Major cities like Seoul, Ho Chi Minh City, and Bali have recorded over 70% year-on-year booking growth [11][12] Inbound Travel to China - China remains a top destination for Lunar New Year travelers, with significant growth in bookings from the UK and New Zealand, each increasing by more than 150% year-on-year [14] - Major gateway cities such as Shanghai, Beijing, and Guangzhou account for the largest share of inbound visitors, with initiatives like the "Explore Beijing" Starter Pack enhancing the travel experience [15][16] Overall Summary - Lunar New Year 2026 travel is characterized by longer trips, premium choices, and a growing interest in multi-city and packaged itineraries across Asia and beyond, indicating that travelers are willing to invest more in their festive journeys [17]

Core Insights - Affirm Holdings, Inc. and Expedia Group, Inc. have expanded their travel payment partnership, making Affirm the exclusive Buy Now, Pay Later option for lodging and packages on major travel brands [1] Group 1: Expanded US Coverage - Under the new agreement, Affirm's installment payment option will be the only Buy Now, Pay Later method for travelers booking hotels and vacation packages on Expedia, Hotels.com, and Vrbo in the U.S. [2] - Eligible customers will receive real-time approval decisions and customized monthly payment plans that can extend up to 24 months [2] - Affirm plans to expand its Buy Now, Pay Later service to Canadian travelers on select properties in the near future [2] Group 2: Payment Options - In the U.S., eligible buyers can select three- or six-month plans with 0% APR, with no compounding interest or late fees, and all terms are visible before checkout [3] - The Vice President of Global Payments at Expedia Group emphasized that clear payment choices help individuals pursue meaningful travel experiences [3] Group 3: Adapting to New Booking Habits - Expedia Group is evolving consumer trip planning with tools like AI-powered itinerary discovery, which integrates payment decisions earlier in the booking process [4] - The Senior Vice President of Revenue at Affirm noted that travelers are now considering payment options alongside their destination choices, reflecting the integration of payment flexibility in modern trip planning [4] - Affirm collaborates with nearly 420,000 merchants globally, including major retail brands, to enhance customer access and increase average order value for businesses [5]

Core Insights - Affirm has become the exclusive provider of buy now, pay later (BNPL) payment options for Expedia Group brands in the U.S. [1] - The partnership will soon extend to Canadian travelers, enhancing payment flexibility for customers [2][3] Partnership Details - The collaboration between Affirm and Expedia Group is part of a multi-year expansion [2] - Affirm is now among nearly 420,000 merchants globally that offer flexible payment options [4] Customer Experience - Affirm's BNPL offerings are designed to provide clarity and confidence in payment selection for customers [3] - The partnership aims to enhance the travel planning experience by integrating payment considerations with travel choices [5] Recent Developments - Affirm reported record volumes and profitable growth in Q1 of fiscal 2026, supported by demand for transparent credit options [5] - Recent partnerships include collaborations with Bolt, Esusu, and Gr4vy to expand BNPL services and flexible payment options [6] Technology and Innovation - Expedia Group is leveraging AI, automation, and partner connectivity to meet growing travel demand [7] - The company's technology systems are designed to create a connected experience for travelers and supply partners [7]

Core Insights - The 2026 Global Influencers' China Travel Campaign, launched by Trip.com Group and Tripadvisor China, aims to promote China's inbound tourism recovery, with Zigong as the first destination focusing on authentic Chinese festival culture [1] Group 1: Campaign Overview - The campaign is themed "Chinese New Year Illustrated Guide" and features international influencers sharing their experiences of Chinese festival culture [1] - The National Chinese New Year Lighting Ceremony in Zigong elevated local celebrations to a national level, marking the lunar new year with over 40 international influencers participating in cultural experiences [3][4] Group 2: Cultural Experiences - Influencers engaged in hands-on activities related to intangible cultural heritage, such as lantern frame construction and tasting local cuisine, enhancing their understanding of the festival [3][6] - The itinerary included night tours and visits to significant cultural sites, emphasizing local immersion and cultural understanding [6] Group 3: Strategic Initiatives - Trip.com launched the "One City, One Intangible Cultural Heritage" initiative to connect Chinese and international audiences, promoting Chinese New Year customs through global influencers [8] - Complementary campaigns like "Come Celebrate the New Year at My Home" aim to guide global audiences in exploring Chinese culture through storytelling [8] Group 4: Tourism Growth Metrics - In 2025, Zigong saw a 25% increase in inbound tourist arrivals and a 30% rise in total inbound tourism spending compared to the previous year, indicating successful cultural tourism development [11] - The integration of modern technologies into traditional lantern craftsmanship has transformed the lantern festival into an immersive experience, promoting multi-day visits [11] Group 5: Future Outlook - Zigong's tourism outlook for 2026 is promising, with initiatives aimed at revitalizing traditional culture and enhancing global visibility for niche destinations [13] - The campaign aims to forge deeper cultural connections, inviting more international travelers to experience and celebrate the Chinese New Year [13]

Core Insights - NusaTrip has formed a strategic partnership with Gother, enhancing its position as a leading flight content supplier in Southeast Asia's travel market [1][5] - The global Thailand tourism market is projected to grow from USD 61.4 billion in 2024 to USD 84.1 billion by 2034, at a CAGR of 3.2% [2] - NusaTrip collaborates with airlines to provide comprehensive flight content, real-time availability, and dynamic pricing, improving customer offerings for Gother [3][4] Company Overview - Society Pass Incorporated operates as an acquisition-focused holding company in Southeast Asia, with interconnected verticals in digital media, travel, lifestyle, and alternative intelligence [5][8] - NusaTrip, established in 2015, is an integrated travel technology platform with over 500 airlines and 650,000 hotels, and is the first Indonesian OTA to receive IATA accreditation [7][9] - The company aims to expand its footprint in the travel market through strategic acquisitions of travel agencies across Southeast Asia and the Asia-Pacific region [8]

Core Insights - Agoda has launched the Agoda Impact Lab, a new initiative aimed at fostering innovation and resilience in the travel and technology sectors across Asia [1][4] Group 1: Initiative Overview - The Agoda Impact Lab is designed as a collaborative platform for both public and private sectors to create, test, and implement practical solutions [2] - The Lab focuses on storytelling, industry upskilling, and capacity building, leveraging Agoda's expertise in eCommerce, technology, marketing, and analytics [2][3] Group 2: Training and Collaboration - Agoda will provide hands-on e-commerce training programs for accommodation providers in ASEAN and conduct Executive Masterclasses on emerging innovations like AI [3] - A joint working group will be established with ASEAN and WWF-Singapore to discuss the ecological and economic sustainability of emerging travel destinations [3] Group 3: Sustainable Tourism - The Impact Lab will promote the Sustainable Tourism Academy, offering free, self-paced sustainability training aligned with the Global Sustainable Tourism Council (GSTC) Standard [3] - Data-driven reports will be published to guide industry decisions regarding traveler demand, technology adoption, and localization [3] Group 4: Company Background - Agoda operates a digital travel platform with over 6 million holiday properties, 130,000 flight routes, and 300,000 activities available for booking [4][6] - The company is headquartered in Singapore and is part of Booking Holdings, employing over 7,000 staff across 27 markets [6]

Core Viewpoint - MakeMyTrip Ltd (MMYT) has evolved beyond being a simple domestic air proxy, indicating a positive shift in its business model and potential for growth [1]. Group 1: Company Analysis - The company is now focused on managing its own capital, reflecting a strategic shift towards self-sustained growth and investment management [1]. - The investment approach utilized by the company encompasses fundamental, technical, and momentum investing, suggesting a comprehensive strategy that leverages various market analysis techniques [1]. Group 2: Investor Engagement - The article serves as a platform for tracking investment ideas and connecting with like-minded investors, highlighting the importance of community and shared insights in investment decision-making [1].

Core Insights - MakeMyTrip (MMYT) reported revenue of $295.69 million for the quarter ended December 2025, reflecting a year-over-year increase of 10.6% [1] - The earnings per share (EPS) was $0.52, up from $0.39 in the same quarter last year, resulting in an EPS surprise of +33.33% against the consensus estimate of $0.39 [1] - However, the revenue fell short of the Zacks Consensus Estimate of $313.62 million by -5.72% [1] Financial Performance Metrics - Gross Bookings for Air Ticketing reached $1.53 billion, slightly below the estimated $1.55 billion [4] - Gross Bookings for Hotels and Packages were $750.44 million, compared to the average estimate of $794.59 million [4] - Gross Bookings for Bus Ticketing amounted to $420.6 million, close to the estimated $421.52 million [4] - Total Gross Bookings were $2.78 billion, falling short of the $2.8 billion estimate [4] Adjusted Margins - Adjusted Margin for Air Ticketing was $107.88 million, exceeding the estimate of $106.75 million [4] - Adjusted Margin for Others was $27.53 million, surpassing the average estimate of $23.8 million [4] - Adjusted Margin for Bus Ticketing was $42.41 million, below the estimated $44.05 million [4] - Adjusted Margin for Hotels and Packages was $133.18 million, lower than the average estimate of $143.03 million [4] Stock Performance - Shares of MakeMyTrip have declined by -12.8% over the past month, while the Zacks S&P 500 composite decreased by -0.4% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Core Viewpoint - Trip.com Group Limited is under investigation for potential securities fraud and unlawful business practices, following a notice from the State Administration for Market Regulations of China regarding an anti-monopoly investigation [1][3]. Group 1: Investigation Details - Pomerantz LLP is investigating claims on behalf of investors of Trip.com, advising them to contact the firm for further information [1]. - The investigation is focused on whether Trip.com and its officers or directors have engaged in securities fraud or other unlawful business practices [1]. Group 2: Market Reaction - On January 14, 2026, Trip.com announced it received a notice of investigation from the SAMR, leading to a significant drop in its American Depositary Receipt (ADR) price, which fell by $12.90, or 17.05%, closing at $62.78 per ADR [3].

Trip.com Group (TCOM) Conference Call Summary Company Overview - **Company**: Trip.com Group (TCOM) - **Market Cap**: $39.3 billion - **Enterprise Value**: $32.9 billion - **Current Share Price**: $61.77 - **12-Month Price Target**: $87.00 (Upside: 40.8%) [1] Key Industry Insights - **Investigation Impact**: TCOM's share price dropped approximately 20% following the announcement of an investigation by the State Administration for Market Regulations (SAMR) of the PRC under the Anti-Monopoly Law. Historical cases (e.g., Alibaba, Meituan) were referenced to assess potential impacts on stock performance [1][2]. - **Competitive Landscape**: The investigation may lead TCOM to adopt a more restrained competitive stance, particularly in the hospitality segment, which is more fragmented compared to the airline and railway sectors dominated by state-owned companies [2][28]. - **Booking Volume vs. Take Rate**: The anticipated impact of increased competition is expected to affect booking volumes more than take rates. TCOM and Tongcheng have maintained stable hotel take rates despite competitive pressures [2][32]. Financial Performance and Projections - **Revenue Forecasts**: - FY2025E: Rmb 62,056.3 million - FY2026E: Rmb 69,843.2 million - FY2027E: Rmb 77,269.2 million [6][19] - **Earnings Adjustments**: Core earnings estimates for FY26-27 were revised down by 5% to 8%, with a slower hotel GMV CAGR projected at 6% (previously 13%) [19]. - **EBIT Margin**: Expected to narrow to 28.9% in FY26E from 30.4% in FY24E [19]. Key Financial Metrics - **EBITDA**: - FY2025E: Rmb 18,927.3 million - FY2026E: Rmb 21,113.1 million - FY2027E: Rmb 23,062.7 million [6][19] - **EPS**: - FY2025E: Rmb 46.30 - FY2026E: Rmb 30.04 - FY2027E: Rmb 32.16 [6][19] Risks and Considerations - **AI Adoption**: TCOM faces potential risks from AI adoption compared to peers, as competitors like Alibaba have integrated AI solutions to enhance customer experiences [21]. - **Market Structure**: The hospitality segment's fragmented nature may lead to increased competition and potential loss of exclusivity agreements, impacting TCOM's hotel business [28][29]. - **Take Rate Sensitivity**: A 10% reduction in hotel GMV could lower FY26E earnings by 5%, while a 1% change in hotel take rate could impact earnings by 8% [19]. Revenue Breakdown - **Domestic Revenue**: Approximately Rmb 40 billion or 63% of total revenue in FY2025E, with significant contributions from domestic hotels (29%) and transportation (15%) [26]. - **EBIT Contribution**: Majority of EBIT derived from domestic and outbound travel businesses, with 41% from domestic hotels [26]. Conclusion - Despite the recent volatility due to regulatory scrutiny, TCOM is positioned to benefit from the long-term growth of Chinese travel demand. The current share price correction may present a buying opportunity for long-term investors [20].