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<Research>Citi: Domestic Tourism Performance Solid During LNY Holiday; Ratings Kept at Buy on TRIP.COM/ TONGCHENGTRAVEL
Recommend 18 Positive 26 Negative 20 |
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According to official data from mainland China, during the nine-day Lunar New Year (LNY) holiday, domestic travel traffic/ industry revenue amounted to 596 million/ RMB803 billion each, both increasing by approx. 19% from the eight-day holiday last year, reflecting that per capita consumption was largely flat YoY, Citi Research issued a research report saying. Daily average travel traffic/ industry revenue grew by 5.7%/ 5.5% YoY respectively, showing a notable performance. Citi Research believed that the solid tourism performance during the LNY holiday reflects the continued healthy momentum of the domestic and outbound tourism markets, benefiting online travel platforms. However, the share price of TRIP.COM-S (09961.HK) may continue to be affected by the investigation from the State Administration for Market Regulation (SAMR). Therefore, the broker kept ratings at Buy on TRIP.COM-S/ TONGCHENGTRAVEL (00780.HK), with target prices of US$82/ $28 for TRIP.COM-S' US stock/ TONGCHENGTRAVEL. AASTOCKS Financial News Website: www.aastocks.com |
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