Trip.com Group (TCOM)

• Market cap: $40.4B
• 1 day: 2.02%
• 5 days: -1.62%
• 1 month: -10.43%
• 3 months: -14.51%
• 6 months: 32.57%
• Year to date: -4.23%
• 1 year: 41.40%
• 5 years: 175.20%
• 10 years: 182.73%
• Sector: Industrials
• Industry: Business Services

About: Trip.com is the largest online travel agent in China and is positioned to benefit from the country's rising demand for higher-margin outbound travel as passport penetration is only 12% in China. The company generated about 78% of sales from accommodation reservations and transportation ticketing in 2020. The rest of revenue comes from package tours and corporate travel. Before the pandemic in 2019, the company generated 25% of revenue from international business, which is important to its margin expansion. Most of sales come from its online platform, but the company also maintains offline call centers. The competes in a crowded OTA industry in China, including Meituan, Alibaba-backed Fliggy, Tongcheng, and Qunar. The company was founded in 1999 and listed on the Nasdaq in December 2003.

Employees: 36,249

Fund manager confidence

Based on 2024 Q4 regulatory filings by fund managers ($100M+ AUM)

37% more first-time investments, than exits

New positions opened: 70 | Existing positions closed: 51

11% more capital invested

Capital invested by funds: $16.1B [Q3] → $17.8B (+$1.71B) [Q4]

3% more funds holding

Funds holding: 378 [Q3] → 390 (+12) [Q4]

1.63% less ownership

Funds ownership: 40.05% [Q3] → 38.41% (-1.63%) [Q4]

15% less call options, than puts

Call options by funds: $243M | Put options by funds: $285M

19% less repeat investments, than reductions

Existing positions increased: 125 | Existing positions reduced: 155

32% less funds holding in top 10

Funds holding in top 10: 28 [Q3] → 19 (-9) [Q4]

Research analyst outlook

3 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $75 21% upside
• Avg. target: $78 25% upside
• High target: $80 29% upside

3 analyst ratings

• positive: 3 100%
• neutral: 0 0%
• negative: 0 0%

JP Morgan Alex Yao 83% 1-year accuracy 5 / 6 met price target	21% upside $75	Overweight Maintained	27 Feb 2025
Benchmark Fawne Jiang 65% 1-year accuracy 39 / 60 met price target	29% upside $80	Buy Reiterated	25 Feb 2025
Citigroup Brian Gong 67% 1-year accuracy 4 / 6 met price target	26% upside $78	Buy Maintained	3 Jan 2025