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]

November 17, 2025 11:26 PM GMT Trip.com Group Ltd | Asia Pacific M Update 3Q25 slight beat; Overseas high GTV Growth Reaction to earnings Unchanged Modest upside Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research 3Q25 revenue of Rmb18.2bn was up 16% YoY and 1% above MSe; By segment, hotel was up 18% YoY and flight was up 12% YoY, both came in 1% above MSe. International OTA GTV was up 60% YoY and ou ...

Core Insights - Trip.com Group showcased its leadership in the travel industry at the World Travel Market 2025, focusing on digital transformation, personalization, and sustainability [1][8] - The motivations for travel have shifted from escape to connection, with a notable increase in interest for cultural and nature-based experiences [2][3] Evolving Travel Motivations - The company's report, "Why Travel?", indicates a 53% year-on-year increase in searches for cultural experiences and a 300% rise in searches for wellness-sport pairings [3] - Travellers are now more intentional, seeking authenticity and value, leading to longer stays and greater engagement with eco-certified accommodations [3][8] AI-Driven Personalisation and Support - Trip.com Group introduced Trip.Planner, a comprehensive travel planning hub that enhances user experience through itinerary creation and real-time updates [4][5] - The platform aims to empower travellers and partners by providing hyper-personalized travel solutions tailored to individual needs [5][6] Sustainability Initiatives - There is a growing interest in responsible travel, with 92% of travellers expressing interest in sustainability, yet less than 60% have acted on it [7][8] - The company emphasizes its role in bridging the gap between consumer awareness and action regarding sustainable travel choices [8] Company Overview - Trip.com Group is a leading global travel service provider, operating platforms like Trip.com, Ctrip, Skyscanner, and Qunar, and aims to facilitate informed and cost-effective travel bookings [9] - Founded in 1999 and publicly listed on NASDAQ and HKEX, the company is committed to creating a better travel experience for users worldwide [9]

Group 1 - Booking Holdings Inc. is identified as a stock to buy by Ray Dalio's Bridgewater Associates, with Citizens reiterating a "Market Outperform" rating and maintaining a price target of $6,500 [1][2] - Analysts highlighted Booking Holdings' competitive strengths, including broad diversification, a strong global brand, and extensive product offerings across hotels, flights, rental cars, and activities [1] - The company is well positioned to capitalize on resilient global travel demand, robust profit margins, and high-value customer retention through its Genius loyalty program [1] Group 2 - Booking Holdings is recognized as the world's leading provider of online travel and related services, operating well-known brands such as Booking.com, Priceline, Agoda, KAYAK, and OpenTable [3] - The company generates revenue primarily through commissions on hotel reservations, airline tickets, rental cars, and restaurant bookings made via its platforms [3] - Citizens named Booking Holdings as one of the first partners to launch travel apps within ChatGPT, enhancing interactive and personalized user experiences [2]

Core Insights - Booking Holdings Inc. is one of the largest online travel service providers globally, with a market cap of $166.3 billion and a portfolio that includes brands like Booking.com, Priceline, Agoda, and Kayak, serving travelers in over 220 countries and territories [1] Earnings Expectations - The company is expected to report its third-quarter earnings on October 28, with analysts predicting a profit of $95.56 per share, reflecting a 13.9% increase from $83.89 per share in the same quarter last year [2] - For the current fiscal year, analysts anticipate an EPS of $220.87, which is an 18.1% increase from $187.10 in fiscal 2024 [3] Stock Performance - Over the past 52 weeks, Booking Holdings' shares have increased by 21%, outperforming the S&P 500 Index's 16.3% gains and the Consumer Discretionary Select Sector SPDR Fund's 18.6% returns [4] - The company's strong performance is attributed to a rebound in international travel and robust demand from high-income travelers, supported by ongoing technology investments and a diverse portfolio of leading travel brands [5] Analyst Ratings - The consensus opinion on BKNG stock is moderately bullish, with a "Moderate Buy" rating. Out of 38 analysts, 22 recommend a "Strong Buy," 2 suggest a "Moderate Buy," and 14 advise a "Hold" [6] - The average target price for BKNG is $6,081.41, indicating a potential upside of 17.1% from current price levels [6]

Core Insights - Loomis Sayles Global Growth Fund achieved a return of 16.61% in Q2 2025, outperforming the MSCI ACWI Index Net which returned 11.53% [1] - The fund focuses on investing in high-quality businesses with sustainable competitive advantages, particularly those trading at significant discounts to their intrinsic value [1] Company Overview: Trip.com Group Limited - Trip.com Group Limited (NASDAQ:TCOM) is a leading travel service provider, offering accommodation reservations, transportation ticketing, packaged tours, and corporate travel management [2][3] - The company reported a one-month return of 3.24% and a 52-week gain of 28.12%, with its stock closing at $76.14 on September 29, 2025, and a market capitalization of $49.765 billion [2] - Trip.com Group generates over 85% of its revenue from China, while providing services in 24 languages and 35 local currencies, and operates under various brands including Ctrip, Qunar, and Skyscanner [3]

Group 1 - Booking Holdings Inc. is recognized as a promising stock for beginners, with plans to expand its market presence and enhance customer experiences through technology [1] - The company is focusing on artificial intelligence to personalize travel planning and is exploring collaborations with tech giants like OpenAI, Google, and Microsoft to develop advanced AI tools [2] - Booking Holdings reported 8.4 million listings in alternative accommodations at the end of Q2, reflecting an 8% year-over-year growth, indicating a strong focus on combining traditional and alternative accommodations [3] Group 2 - Booking Holdings operates as a global online travel services provider, offering a range of services including accommodations, flights, and car rentals through brands like Booking.com, Priceline, Agoda, and KAYAK [4]

Group 1 - Trip.com Group Limited Sponsored ADR (TCOM) has reached an important support level and is considered a good stock pick from a technical perspective [1] - TCOM recently experienced a "golden cross," where its 50-day simple moving average broke above its 200-day simple moving average, indicating a potential bullish breakout [1][2] - The stock has seen a price increase of 22% over the past four weeks, and it currently holds a 2 (Buy) rating on the Zacks Rank, suggesting a potential breakout [4] Group 2 - A golden cross consists of three stages: a downtrend that bottoms out, a crossover of the shorter moving average above the longer moving average, and continued upward momentum [3] - The positive earnings outlook for TCOM further supports the bullish case, with three earnings revisions higher and no downward revisions in the past two months [4] - Investors are encouraged to consider adding TCOM to their watchlist due to the significant technical indicator and positive earnings estimate movement [6]

Summary of Trip.com Group Ltd Conference Call Company Overview - **Company**: Trip.com Group Ltd (TCOM) - **Industry**: China Internet and Other Services - **Market Cap**: US$45.843 billion - **Stock Rating**: Overweight - **Price Target**: US$78.00, representing a 19% upside from the closing price of US$65.29 on August 27, 2025 Key Financial Highlights - **2Q25 Net Revenue**: Increased by 16% YoY to Rmb14.8 billion, 2% above Morgan Stanley estimates [2][3] - **Non-GAAP Operating Profit**: Rose by 10% YoY to Rmb4.7 billion, exceeding estimates by 10% [2][3] - **Adjusted Net Profit**: Increased by 1% YoY, also 10% above estimates [3] - **Operating Margin**: 31.4%, surpassing guidance of 29.1% [2][3] - **Share Repurchase Program**: New program approved for US$5 billion, approximately 11.7% of market cap [3] Segment Performance - **Accommodation Reservations**: Up 21% YoY to Rmb6.225 billion, 12% QoQ growth [3] - **Transportation Ticketing**: Increased by 11% YoY to Rmb5.397 billion, flat QoQ [3] - **Packaged Tours**: Decreased by 8% YoY to Rmb947 million [3] - **Corporate Travel**: Slight decline of 1% YoY to Rmb692 million [3] - **Others**: Grew by 31% YoY to Rmb1.471 billion [3] Market Outlook - **3Q25 Outlook**: Market focus expected to shift due to weak travel data during the summer holiday [3] - **Risks to Upside**: Potential rebound in macroeconomic growth and recovery in outbound travel [9] - **Risks to Downside**: Increased competition from Tongcheng Travel and Meituan, pandemic uncertainties, and macroeconomic slowdown [9] Valuation and Financial Metrics - **WACC**: 10.5%, aligned with lower bound of China Internet WACCs [8] - **Terminal Growth Rate**: 3%, aligned with long-term GDP growth target [8] - **Projected Revenue Growth**: Expected to reach Rmb61.245 billion in FY25 [4] - **Projected EPS**: Expected to be Rmb24.50 in FY25 [4] Additional Insights - **Gross Margin**: 81.0%, with slight fluctuations noted [3] - **Operating Income**: Increased by 15% YoY to Rmb4.102 billion [3] - **Net Income to Shareholders**: Increased by 76% YoY to Rmb4.846 billion [3] - **Diluted EPS**: Rmb6.97 for 2Q25, reflecting a 45% increase YoY [3] This summary encapsulates the key points from the conference call, highlighting the financial performance, market outlook, and strategic initiatives of Trip.com Group Ltd.

Core Insights - Booking Holdings Inc. (BKNG) experienced a significant Power Inflow, indicating potential upward movement in stock price, which is crucial for traders following institutional money flow [2][3] - The Power Inflow occurred at a price of $5639.53, suggesting a bullish signal for traders looking to capitalize on expected price increases [3][8] - Following the Power Inflow, the stock reached a high price of $5714.75 and a close price of $5710.74, resulting in returns of 1.3% and 1.26% respectively [8] Order Flow Analytics - Order flow analytics involves analyzing the volume of buy and sell orders to gain insights into market conditions and trading opportunities [4][6] - The Power Inflow is interpreted as a bullish signal by active traders and typically occurs within the first two hours of market opening, indicating the stock's overall direction for the day [5][6] - Incorporating order flow analytics can enhance trading performance by helping market participants interpret market conditions more effectively [6]