This presentation includes certain non- GAAP measures. Reconciliations of the measures to the nearest comparable GAAP measures are included in the appendix at the end of this presentation. Notes and Definitions Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 This presentation contains "forward-looking statements" about Expedia Group's financial performance, operating results, and guidance, which may include, but are not limited to, statements relating to future gross booking ...

Core Viewpoint - Rosen Law Firm is investigating potential securities claims on behalf of shareholders of Trip.com Group Limited due to allegations of materially misleading business information [1] Group 1: Legal Action and Investor Rights - Investors who purchased Trip.com Group Limited securities may be entitled to compensation through a contingency fee arrangement without any out-of-pocket costs [2] - Rosen Law Firm is preparing a class action to seek recovery of investor losses [2] Group 2: Market Reaction and Regulatory Investigation - On January 14, 2026, Trip.com stock fell 17% after the company disclosed it is under investigation by China's market regulator for potential antitrust violations [3] Group 3: Rosen Law Firm's Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved the largest securities class action settlement against a Chinese company [4] - The firm was ranked No. 1 by ISS Securities Class Action Services for the number of securities class action settlements in 2017 and has consistently ranked in the top 4 since 2013, recovering hundreds of millions for investors [4] - In 2019, the firm secured over $438 million for investors, and its founding partner was recognized as a Titan of Plaintiffs' Bar by Law360 in 2020 [4]

Core Insights - An investigation by Chinese authorities into Trip.com has led to a significant decline in its stock price, with U.S.-listed shares dropping nearly 17% [1] - The investigation focuses on potential monopolistic behavior as Trip.com is a dominant player in the travel sector in China [1] - Trip.com has stated it will cooperate with the investigation and continues to operate its business as usual [1] Industry Context - The scrutiny of Trip.com is part of a broader trend where Chinese regulators are increasingly examining the operations of large tech companies, raising concerns about potential fines or operational disruptions [2] - Previous investigations have included Nvidia, which was found to have violated antitrust laws related to an acquisition [2] - The regulatory environment is tightening, as evidenced by the recent investigation into Meta Platforms' acquisition of an AI startup to ensure compliance with Chinese export laws [3] Company Performance - Following the recent investigation announcement, Trip.com shares have decreased by 14% year-to-date, despite a 5% increase in 2025 prior to this event [4] - The company's compliance with the investigation indicates a willingness to adhere to regulatory standards, which may impact investor sentiment moving forward [4]

Carvana - Carvana is experiencing a rally due to its addition to the S&P 500, which has brought significant attention to the stock [1] - The company has shown resilience despite previous financial flaws, as consumer appreciation for its car-selling model has helped it overcome challenges [2] - Carvana was highlighted as a potential best stock in May when it was down 27% from its 2021 high, indicating a notable trend reversal [3] - The stock's performance has improved since its S&P 500 inclusion, demonstrating the unpredictable nature of stock spotlighting [4] - Effective risk management is emphasized as crucial for investors, allowing them to minimize losses while capitalizing on significant gains [5][6] - Carvana's market share has increased due to higher interest rates pushing consumers towards the used car market, leading to profitability from a low of $3.50 in December 2022 [7] Airline Industry - Delta Airlines has been added to the best stock list, with a focus on its potential to break through a significant resistance level at $70 [8] - Despite media speculation about consumer spending slowing down, evidence suggests that consumer travel demand remains strong, with record passenger screenings reported [10][11] - The hotel and cruise industries are also confirming robust consumer activity, with hotel revenue per available room (RevPAR) remaining above 85% nationwide [11] - Expedia is viewed as a viable investment opportunity, with a favorable chart pattern indicating potential breakout [12][13] - Delta is recognized as a leading airline brand in North America, with strong operational performance [14]

Summary of Key Points from the Conference Call Industry Overview - The focus for 2026 in Asian markets will shift from AI-driven stocks to growth opportunities beyond AI, dividends, and previously overlooked stories in Asia [2][12][14] - Key themes include structural stories in energy self-sufficiency, new technology, financial deepening, and the growth of formal retail in ASEAN [12][14] Company-Specific Insights 1. Harbin Electric (1133 HK) - **Sector**: Electrical Equipment - **Market Cap**: USD 3.648 billion - **Current Price**: HKD 15.53; **Target Price**: HKD 22.00 - **PE Ratio**: 10.7; **PB Ratio**: 1.6; **ROE**: 16.2% - **Key Points**: - Benefiting from China's push for energy self-sufficiency, particularly in coal and nuclear power [16][18] - Expected earnings CAGR of 34% from 2024-2027 [19] - Potential inclusion in Stock Connect in 2026 [19] 2. Horizon Robotics (9660 HK) - **Sector**: Auto Components - **Market Cap**: USD 14.901 billion - **Current Price**: CNY 8.44; **Target Price**: CNY 11.00 - **Key Points**: - Positioned to benefit from the growth of autonomous driving technology [23][25] - Expected revenue CAGR of 64% from 2025-2027 [27] 3. Goldwind Science & Tech (002202 CH) - **Sector**: Electric Utilities - **Market Cap**: USD 8.753 billion - **Current Price**: CNY 15.35; **Target Price**: CNY 20.40 - **Key Points**: - Leading manufacturer of wind turbines with strong demand in emerging markets [30][32] - Expected net profit growth of 58% in 2025 [32] 4. Trip.com Group (TCOM US) - **Sector**: Internet Software & Services - **Market Cap**: USD 48.707 billion - **Current Price**: USD 74.52; **Target Price**: USD 90.00 - **Key Points**: - Dominates China's online travel market with over 50% GTV [39] - Expected revenue growth of 15% CAGR from 2025-2027 [39] 5. BOCHK Holdings (2388 HK) - **Sector**: Commercial Banks - **Market Cap**: USD 54.013 billion - **Current Price**: HKD 39.70; **Target Price**: HKD 45.20 - **Key Points**: - Benefits from increased cross-border opportunities and offers a 5.5% dividend yield [44][46] 6. PB Fintech (POLICYBZ IN) - **Sector**: Internet Software & Services - **Market Cap**: USD 8.999 billion - **Current Price**: INR 1,734.70; **Target Price**: INR 2,250.00 - **Key Points**: - Operates India's largest online insurance marketplace [49] - Expected revenue CAGR of 30% from 2025-2028 [51] 7. Phoenix Mills (PHNX IN) - **Sector**: Real Estate Management & Development - **Market Cap**: USD 6.904 billion - **Current Price**: INR 1,714.80; **Target Price**: INR 2,110.00 - **Key Points**: - Largest mall operator in India, evolving into a mixed-use developer [54][56] 8. E-Mart (139480 KS) - **Sector**: Multiline Retail - **Market Cap**: USD 1.482 billion - **Current Price**: KRW 79,000.00; **Target Price**: KRW 120,000.00 - **Key Points**: - Trading at 0.2x PB, highlighting deep value [59] - Transformation into a multiline retailer with various catalysts for growth [60] 9. E Ink Holdings (8069 TT) - **Sector**: Technology - **Market Cap**: Not specified - **Current Price**: TWD 169.00; **Target Price**: TWD 305.00 - **Key Points**: - Holds over 90% of the global e-paper market and expanding capacity [62] 10. ICTSI (ICT PM) - **Sector**: Transport & Logistics - **Market Cap**: Not specified - **Current Price**: PHP 558.50; **Target Price**: PHP 630.00 - **Key Points**: - Offers growth and yield at attractive valuations [62] 11. City Developments (CIT SP) - **Sector**: Real Estate Management & Development - **Market Cap**: Not specified - **Current Price**: SGD 7.43; **Target Price**: SGD 11.00 - **Key Points**: - Positioned to benefit from a turnaround in Singapore's property sector [62] 12. Sumber Alfaria Trijaya (AMRT IJ) - **Sector**: Retail - **Market Cap**: Not specified - **Current Price**: IDR 1,895.00; **Target Price**: IDR 2,900.00 - **Key Points**: - Expected to benefit from policies boosting consumption in Indonesia [62] Additional Insights - Asian dividends have doubled over the last 20 years, indicating potential for further increases in payout ratios [12] - The report emphasizes the importance of EPS growth for continued market gains, particularly in China [12][14]

Core Insights - Expedia reported revenue of $4.41 billion for the quarter ended September 2025, marking an 8.7% increase year-over-year and exceeding the Zacks Consensus Estimate by 2.61% [1] - The company's EPS was $7.57, up from $6.13 in the same quarter last year, surpassing the consensus EPS estimate of $7.21 by 4.99% [1] Financial Performance Metrics - Gross bookings totaled $30.73 billion, exceeding the average estimate of $29.18 billion by analysts [4] - Booked room nights were 108, slightly below the average estimate of 109 [4] - Gross bookings from the Merchant segment were $18.85 billion, surpassing the estimated $17.43 billion [4] - Agency gross bookings reached $11.88 billion, slightly above the average estimate of $11.76 billion [4] - International revenue was $1.88 billion, exceeding the average estimate of $1.75 billion, representing a year-over-year increase of 15.4% [4] - U.S. revenue was $2.54 billion, slightly below the estimated $2.58 billion, but still reflecting a 4.2% year-over-year increase [4] - B2B revenue was $1.39 billion, above the average estimate of $1.35 billion, with an 18.2% year-over-year increase [4] - B2C revenue was $2.88 billion, exceeding the average estimate of $2.82 billion, representing a 3.7% year-over-year increase [4] - Revenue from Expedia Group (excluding Trivago) was $4.28 billion, surpassing the average estimate of $4.17 billion, with an 8% year-over-year increase [4] - Trivago revenue was $137 million, exceeding the average estimate of $120.36 million, reflecting a year-over-year increase of 34.3% [4] - Revenue from Lodging was $3.6 billion, above the average estimate of $3.51 billion, with an 8.7% year-over-year increase [4] - Revenue from Other services was $376 million, below the average estimate of $436.04 million, but still showing a year-over-year increase of 1.6% [4] Stock Performance - Expedia's shares returned +0.7% over the past month, compared to the Zacks S&P 500 composite's +1.3% change [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]

Core Insights - Expedia Group (EXPE) is set to report its third-quarter 2025 results on November 6, with expected revenues of $4.3 billion, reflecting a 5.9% year-over-year increase [1][10] - The consensus estimate for earnings is $7.21 per share, indicating a 17.62% increase from the previous year [1][10] - EXPE has surpassed earnings estimates in three of the last four quarters, with an average surprise of 3.4% [2] Revenue and Booking Projections - Management anticipates third-quarter gross bookings to grow by 5% to 7% and revenues to increase by 4% to 6%, although there are warnings of slower growth in the fourth quarter due to challenging year-over-year comparisons [3] - The company noted a softening in U.S. travel market conditions during the second quarter, but observed an uptick in overall travel demand since July, which is expected to positively impact third-quarter bookings and revenue, particularly in the domestic market [4] Dividend and Financial Guidance - In August, Expedia's board declared a quarterly cash dividend of 40 cents per share, payable on September 18, 2025, reflecting management's confidence in the company's cash generation capabilities [5] - Following strong performance in the first half of the year and improved travel demand trends, the company raised its full-year guidance, expecting gross bookings and revenue growth of 3% to 5% with an adjusted EBITDA margin expansion of one percentage point [6] Earnings Expectations - The current Earnings ESP for EXPE is +8.44%, and it holds a Zacks Rank of 3, indicating a potential for an earnings beat [8][10]

Core Viewpoint - The holiday travel season is expected to boost travel and entertainment spending by 1%, contrasting with a decline in other spending areas, presenting potential investment opportunities in travel stocks [1]. Group 1: Expedia Group - Expedia Group (EXPE) has shown a total return of 129.6% over the last three years, with a year-to-date increase of over 16% and more than 24% in the last three months [2][4]. - The stock is currently trading about 4% above its consensus price target, but bullish price targets of $240 and $250 from Mizuho and BTIG Research suggest further upside potential [3]. - With a forward P/E ratio of around 17x and expected earnings growth of 20% in the next 12 months, the stock is considered undervalued [4]. Group 2: Royal Caribbean - Royal Caribbean (RCL) has delivered a total return of over 765% in the past three years and is up 37% in 2025, driven by strong travel demand and a repaired balance sheet [5][6]. - Despite a recent 12% decline in shares due to profit-taking, analyst sentiment remains bullish with several price targets near or above $400 [6]. - The company has raised its dividend by 25% this year, enhancing its appeal to shareholders as it prepares for the holiday travel season [7]. Group 3: Southwest Airlines - Southwest Airlines (LUV) is projected to experience over 50% earnings growth in the next 12 months, making its forward P/E ratio of 20x noteworthy [9]. - The airline is expected to benefit from rising jet fuel costs and lower interest rates, which may stimulate demand for low-cost domestic travel [10]. - Although LUV stock is down about 3.5% in 2025, upcoming earnings reports and holiday travel demand could present an attractive entry point for investors [11].

Core Insights - Expedia Group (EXPE) reported first-quarter 2025 adjusted earnings of 40 cents per share, missing the Zacks Consensus Estimate by 4.76%, but showing a year-over-year increase of 90.5% [1] - Revenues for the quarter were $2.98 billion, a 3.4% year-over-year increase, but also missed the Zacks Consensus Estimate by 1.27% [2] - Total gross bookings rose to $31.5 billion, reflecting a 4% year-over-year increase, with B2B bookings growing significantly [3] Financial Performance - Adjusted EBITDA for the quarter was $296 million, up 16.1% year over year [4] - Adjusted EBIT decreased 65% year over year to negative $21 million [5] - Cash and cash equivalents increased to $6.1 billion from $4.5 billion since the end of 2024, while long-term debt decreased to $4.465 billion [6] Operational Highlights - B2B revenues increased by 13.7% year over year to $947 million, while B2C revenues decreased by 1.5% to $1.96 billion [2] - Lodging gross bookings grew 5% year over year to $23.03 billion, with hotel bookings climbing 6% [3] - Booked room nights rose 6% from the previous year to 107.7 million [3] Future Guidance - For Q2 2025, EXPE expects gross bookings growth in the range of 2-4% and revenue growth of 3-5% [7] - The company anticipates adjusted EBITDA margins to increase by 75-100 basis points year over year [7] - For the full year 2025, EXPE projects gross bookings and revenue growth in the 2% to 4% range [7]