External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Trip.com Group (TCOM) released (19 Nov) 3Q24 results: total revenue was RMB15.9bn, up 16% YoY, 2% better than Bloomberg consensus estimates; non-GAAP operating income (OP) was RMB5.5bn, 6% better than consensus thanks to more optimized-than-expected sales and marketing spend.</li><li>Excluding equity in income of affiliates (RMB558mn), non-GAAP net income of RMB5.4bn was 13% ahead of consensus.</li><li>Domestic business volume growth was more resilient than we had previously expected, and outbound business recovery was well on track. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trip.com Group (TCOM) released (19 Nov) 3Q24 results: total revenue was RMB15.9bn, up 16% YoY, 2% better than Bloomberg consensus estimates; non-GAAP operating income (OP) was RMB5.5bn, 6% better than consensus thanks to more optimized-than-expected sales and marketing spend.Excluding equity in income of affiliates (RMB558mn), non-GAAP net income of RMB5.4bn was 13% ahead of consensus.Domestic business volume growth was more resilient than we had previously expected, and outbound business recovery was well on track. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trip.com (TCOM US) - Solid Business Growth Momentum Continues

<ul><li>Trip.com Group (TCOM) released (27 Aug) 2Q24 results: net revenue was RMB12.8bn, up 13.6% YoY, in line with Bloomberg consensus estimates; nonGAAP operating income (OP) was RMB4.2bn, 6% better than consensus forecast at RMB4.0bn, thanks to better-than-expected cost control on R&amp;D.</li><li>Excluding the RMB1.1bn impact from equity in income of affiliates, non-GAAP net income of RMB3.9bn was 9% better than consensus.</li><li>Although facing macro headwinds, as well as a tougher comps in 3Q24 owing to the transportation ticketing business related VAS business adjustment’s impact on revenue generation, the likely resilient travel demand generated from high-end customer base during the summer peak season should support resilient revenue growth and decent profitability, in our view. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trip.com Group (TCOM) released (27 Aug) 2Q24 results: net revenue was RMB12.8bn, up 13.6% YoY, in line with Bloomberg consensus estimates; nonGAAP operating income (OP) was RMB4.2bn, 6% better than consensus forecast at RMB4.0bn, thanks to better-than-expected cost control on R&amp;D.Excluding the RMB1.1bn impact from equity in income of affiliates, non-GAAP net income of RMB3.9bn was 9% better than consensus.Although facing macro headwinds, as well as a tougher comps in 3Q24 owing to the transportation ticketing business related VAS business adjustment’s impact on revenue generation, the likely resilient travel demand generated from high-end customer base during the summer peak season should support resilient revenue growth and decent profitability, in our view. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trip.com (TCOM US) - Resilient Travel Demand Amid Peak Summer Season to Ease Market Concern

<ul><li>Trip.com Group (TCOM) released (21 May) 1Q24 results: net revenue was RMB11.9bn, up 29.4% YoY, 3% ahead of both our forecast and Bloomberg consensus estimates, aided by better-than-expected revenue generation from both accommodation reservation and Others segments.</li><li>Non-GAAP operating income (OP) was RMB3.8bn, better than our forecast/consensus at RMB3.2/3.1bn, thanks to a better-than-expected GPM aided by better-thanexpected scale effect, and better-than-expected marketing spend driven by a stringent ROI target.</li><li>Although the strong release of pent-up demand in travel industry has been largely priced in, we suggest investors look beyond pent-up demand to TCOM’s globalization potential. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trip.com Group (TCOM) released (21 May) 1Q24 results: net revenue was RMB11.9bn, up 29.4% YoY, 3% ahead of both our forecast and Bloomberg consensus estimates, aided by better-than-expected revenue generation from both accommodation reservation and Others segments.Non-GAAP operating income (OP) was RMB3.8bn, better than our forecast/consensus at RMB3.2/3.1bn, thanks to a better-than-expected GPM aided by better-thanexpected scale effect, and better-than-expected marketing spend driven by a stringent ROI target.Although the strong release of pent-up demand in travel industry has been largely priced in, we suggest investors look beyond pent-up demand to TCOM’s globalization potential. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trip.com (TCOM US) - Looking Beyond Release of Pent-Up Demand to Globalization

<ul><li>Trip.com Group (TCOM) released (22 Feb) 4Q23 results: net revenue was RMB10.3bn, up 105% YoY, in line with Bloomberg consensus estimates, and was 24% higher than the 4Q19 level.</li><li>Non-GAAP operating income (OP) was RMB2.6bn, 43% better than consensus, thanks to more efficient-than-expected S&amp;M spend, as well as stronger-than-expected operating efficiency improvement.</li><li>Aided by strong supply chain capabilities, well-established brand effect, and a loyal high-end customer base, TCOM leads outbound travel industry recovery amid the release of strong travel demand. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trip.com Group (TCOM) released (22 Feb) 4Q23 results: net revenue was RMB10.3bn, up 105% YoY, in line with Bloomberg consensus estimates, and was 24% higher than the 4Q19 level.Non-GAAP operating income (OP) was RMB2.6bn, 43% better than consensus, thanks to more efficient-than-expected S&amp;M spend, as well as stronger-than-expected operating efficiency improvement.Aided by strong supply chain capabilities, well-established brand effect, and a loyal high-end customer base, TCOM leads outbound travel industry recovery amid the release of strong travel demand. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trip.com (TCOM US) - Lead Industry Recovery Amid Release of Strong Travel Demand

Thematic (Sector/Industry)

<ul><li>We update our sector investment views for the next six months post earnings as follows: 1) Companies with solid fundamentals and high revenue and profit growth visibility; 2) sustained profitability and willingness to lift shareholder returns; and 3) a sizeable TAM for new initiatives and business explorations likely to generate a decent ROIC.</li><li>We believe the market will continue to allocate to such names and value them fairly.</li><li>Taking into account 2Q results and recent stock performances, we find our previous view has been testified: better-than-expected earnings are not enough to drive a share rally, but better-than-expected 3Q/full-year outlook and enhanced shareholder return measures could provide key support. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We update our sector investment views for the next six months post earnings as follows: 1) Companies with solid fundamentals and high revenue and profit growth visibility; 2) sustained profitability and willingness to lift shareholder returns; and 3) a sizeable TAM for new initiatives and business explorations likely to generate a decent ROIC.We believe the market will continue to allocate to such names and value them fairly.Taking into account 2Q results and recent stock performances, we find our previous view has been testified: better-than-expected earnings are not enough to drive a share rally, but better-than-expected 3Q/full-year outlook and enhanced shareholder return measures could provide key support. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Internet - 2Q24 Recap & Stock-Picking Ideas: Seeking Certainty

China

Trip.com Group Ltd. provides online travel agency services. The Company offers mobile applications, hotel reservations, flight ticketing, package tours, corporate travel management, and train ticketing services.

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Trip.com (TCOM US)

Trip.com (TCOM US) - Solid Business Growth Momentum Continues

Trip.com Group (TCOM) released (19 Nov) 3Q24 results: total revenue was RMB15.9bn, up 16% YoY, 2% better than Bloomberg consensus estimates

CMB International

Trip.com (TCOM US) - Resilient Travel Demand Amid Peak Summer Season to Ease Market Concern

Trip.com Group (TCOM) released (27 Aug) 2Q24 results: net revenue was RMB12.8bn, up 13.6% YoY, in line with Bloomberg consensus estimates

CMB International

Trip.com (TCOM US) - Looking Beyond Release of Pent-Up Demand to Globalization

Trip.com Group (TCOM) released (21 May) 1Q24 results: net revenue was RMB11.9bn, up 29.4% YoY, 3% ahead of both our forecast and Bloomberg...

CMB International

Trip.com (TCOM US) - Lead Industry Recovery Amid Release of Strong Travel Demand

Trip.com Group (TCOM) released (22 Feb) 4Q23 results: net revenue was RMB10.3bn, up 105% YoY, in line with Bloomberg consensus estimates, and was...

CMB International

Internet - 2Q24 Recap & Stock-Picking Ideas: Seeking Certainty

We update our sector investment views for the next six months post earnings as follows: 1) Companies with solid fundamentals and high revenue and...

CMB International

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