Trip.com Group (TCOM)

• Market cap: $47.2B
• 1 day: -0.18%
• 5 days: 0.74%
• 1 month: 11.81%
• 3 months: 48.87%
• 6 months: 44.94%
• Year to date: 103.14%
• 1 year: 115.02%
• 5 years: 109.55%
• 10 years: 220.67%

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 Q3 regulatory filings by fund managers ($100M+ AUM)

47% more funds holding in top 10

Funds holding in top 10: 19 [Q2] → 28 (+9) [Q3]

33% more first-time investments, than exits

New positions opened: 68 | Existing positions closed: 51

26% more capital invested

Capital invested by funds: $12.7B [Q2] → $16B (+$3.29B) [Q3]

5% more funds holding

Funds holding: 360 [Q2] → 377 (+17) [Q3]

1.26% more ownership

Funds ownership: 38.6% [Q2] → 39.86% (+1.26%) [Q3]

5% more repeat investments, than reductions

Existing positions increased: 135 | Existing positions reduced: 128

39% less call options, than puts

Call options by funds: $196M | Put options by funds: $319M

Research analyst outlook

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

• Low target: $71 2% downside
• Avg. target: $78 8% upside
• High target: $85 17% upside

8 analyst ratings

• positive: 8 100%
• neutral: 0 0%
• negative: 0 0%

Barclays Jiong Shao 71% 1-year accuracy 27 / 38 met price target	16% upside $84	Overweight Maintained	20 Nov 2024
Macquarie Ellie Jiang 60% 1-year accuracy 3 / 5 met price target	12% upside $81	Outperform Maintained	20 Nov 2024
HSBC Parash Jain 50% 1-year accuracy 2 / 4 met price target	4% upside $75	Buy Upgraded	19 Nov 2024
TD Cowen Kevin Kopelman 92% 1-year accuracy 11 / 12 met price target	2% downside $71	Buy Maintained	19 Nov 2024
Benchmark Fawne Jiang 71% 1-year accuracy 41 / 58 met price target	10% upside $80	Buy Maintained	19 Nov 2024