2021.09.27
■ Trip.com reported 2Q21 revenue of Rmb5.9bn, up 86.3% yoy and recovering to 67.7%
of 2Q19 revenue, in line with our expectation, and non-GAAP net profit of Rmb728m,
compared to a net loss in 2Q20, above our expectation, thanks to fair value changes in
equity securities investments of Rmb1bn.
■ Taking into account for the impact of the pandemic rebound and less long-distance
travel, we now expect 3Q21F revenue to fall 4.8% yoy and non-GAAP net profit to fall
50.2% yoy.
■ Reiterate ADD with a new DCF-based TP of HK$296.
