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<Research>G Sachs Lifts TONGCHENGTRAVEL (00780.HK) TP to $27 as Quarterly Results Beat
Recommend 3 Positive 7 Negative 0 |
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TONGCHENGTRAVEL (00780.HK)'s net profit growth accelerated to 47% YoY in 3Q24, from 11% in 1H24, to RMB910 million, beating the estimations of Goldman Sachs/ the market by 9%/ 10%, Goldman Sachs released a research report saying. Assuming stable revenue and marketing expenses and a decline in the service development ratio, Goldman Sachs forecasted TONGCHENGTRAVEL's 4Q24 net profit to reach RMB606 million, adding up to RMB2.7 billion for the full year, representing a 24% YoY growth. The broker believed that there is still room for further increase in profit margins, and expected TONGCHENGTRAVEL's overall EBIT margin could rise to 18%/ 18.7% in 2025/ 2026. Therefore, the broker kept rating at Buy, and lifted its target price to $27 from $23.6. AAStocks Financial News |
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