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

Tongcheng Travel Holdings  / Equity Bottom-Up

<ul><li>Tongcheng Travel (“TC”) delivered a strong quarter in 1Q24, with revenue +50% YoY (3% above consensus) and adj. net profit +11% YoY (4% above consensus).</li><li>We see high visibility for TC to continuously gain share in 2Q24E, with healthy margin profile. For 2Q24E, we forecast total revenue +49% YoY, boosted by booming travel demand in multiple holidays and international business recovery.</li><li>Core OTA would grow 23.5%, in which hotel/transportation/others revenue +12%/17%/92% YoY, in our estimates. </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.

Tongcheng Travel (“TC”) delivered a strong quarter in 1Q24, with revenue +50% YoY (3% above consensus) and adj. net profit +11% YoY (4% above consensus).We see high visibility for TC to continuously gain share in 2Q24E, with healthy margin profile. For 2Q24E, we forecast total revenue +49% YoY, boosted by booming travel demand in multiple holidays and international business recovery.Core OTA would grow 23.5%, in which hotel/transportation/others revenue +12%/17%/92% YoY, in our estimates. 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.

Tongcheng Travel (780 HK) - Resilient Travel Consumption to Continue

<ul><li>The three-day Qingming Festival holiday embraced booming demand, with domestic tourist trips +11.5% and tourism revenue +12.7% (both vs. the 2019 level), according to the Ministry of Culture and Tourism.</li><li>Tongcheng Travel (TC) kept its strong momentum during the Qingming Festival, with above-industry growth and solid ASP &amp; take rate trends.</li><li>Its domestic hotel room nights surged 70% YoY, and transportation ticketing volume was resilient at &gt;20% YoY.</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.

The three-day Qingming Festival holiday embraced booming demand, with domestic tourist trips +11.5% and tourism revenue +12.7% (both vs. the 2019 level), according to the Ministry of Culture and Tourism.Tongcheng Travel (TC) kept its strong momentum during the Qingming Festival, with above-industry growth and solid ASP &amp; take rate trends.Its domestic hotel room nights surged 70% YoY, and transportation ticketing volume was resilient at &gt;20% YoY.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.

Tongcheng Travel (780 HK) - Continued Outperformance During Qingming

<ul><li>We reiterate Tongcheng Travel (TC) as one of our top picks, for its resilient organic growth, M&amp;A synergies, outbound expansion and capital return.</li><li>After another upbeat quarter, we think TC has continuously demonstrated its share gain and solid travel consumption.</li><li>Looking ahead, we keep positive on its core OTA performance (forecasting revenue +25% YoY in FY24E), driven by multichannel strategy and overseas expansion. </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 reiterate Tongcheng Travel (TC) as one of our top picks, for its resilient organic growth, M&amp;A synergies, outbound expansion and capital return.After another upbeat quarter, we think TC has continuously demonstrated its share gain and solid travel consumption.Looking ahead, we keep positive on its core OTA performance (forecasting revenue +25% YoY in FY24E), driven by multichannel strategy and overseas expansion. 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.

Tongcheng Travel (780 HK) - More Synergies from Consolidation of Tourism

<ul><li>As one of our top picks, Tongcheng Travel (TC) continued to perform well in the CNY holiday, with resilient transportation (domestic air ticket/train ticket volume +30%/15% YoY) and strong hotel growth (domestic room nights +30% YoY).</li><li>Given a longer holiday period, more travellers took short-haul multi-city tours.</li><li>Despite macro uncertainty, air ticket ADR and accommodation ADR achieved positive growth. </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.

As one of our top picks, Tongcheng Travel (TC) continued to perform well in the CNY holiday, with resilient transportation (domestic air ticket/train ticket volume +30%/15% YoY) and strong hotel growth (domestic room nights +30% YoY).Given a longer holiday period, more travellers took short-haul multi-city tours.Despite macro uncertainty, air ticket ADR and accommodation ADR achieved positive growth. 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.

Tongcheng Travel (780 HK) - Solid Momentum Continued During CNY Holiday

<ul><li>We expect Tongcheng Travel (TC) to deliver solid 4Q23E results, with revenue +87% YoY and NPM at 17% (in line with prior estimates).</li><li>During the New Year’s Eve holiday, TC saw eye-catching growth, attributable to well-performed accommodation and in-line transportation.</li><li>The strong CNY momentum may continue for a longer period with strong return-home demand, 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.

We expect Tongcheng Travel (TC) to deliver solid 4Q23E results, with revenue +87% YoY and NPM at 17% (in line with prior estimates).During the New Year’s Eve holiday, TC saw eye-catching growth, attributable to well-performed accommodation and in-line transportation.The strong CNY momentum may continue for a longer period with strong return-home demand, 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.

Tongcheng Travel (780 HK) – Robust Travel Demand in FY24E

China

Tongcheng Travel Holdings Limited operates as an online travel agency. The Company provides transportation ticketing, accommodation reservation, value added travel products sales, and other services. Tongcheng Travel Holdings provides its services throughout China.

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Tongcheng Travel Holdings (780 HK)

Tongcheng Travel (780 HK) - Resilient Travel Consumption to Continue

Tongcheng Travel (“TC”) delivered a strong quarter in 1Q24, with revenue +50% YoY (3% above consensus) and adj. net profit +11% YoY (4% above...

CMB International

Tongcheng Travel (780 HK) - Continued Outperformance During Qingming

Tongcheng Travel (TC) kept its strong momentum during the Qingming Festival, with above-industry growth and solid ASP & take rate trends.

CMB International

Tongcheng Travel (780 HK) - More Synergies from Consolidation of Tourism

We reiterate Tongcheng Travel (TC) as one of our top picks, for its resilient organic growth, M&A synergies, outbound expansion and capital return.

CMB International

Tongcheng Travel (780 HK) - Solid Momentum Continued During CNY Holiday

As one of our top picks, Tongcheng Travel (TC) continued to perform well in the CNY holiday, with resilient transportation (domestic air ticket...

CMB International

Tongcheng Travel (780 HK) – Robust Travel Demand in FY24E

We expect Tongcheng Travel (TC) to deliver solid 4Q23E results, with revenue +87% YoY and NPM at 17% (in line with prior estimates).

CMB International

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