In today’s briefing:
- China Tourism and Hospitality Industry: Boom in 2024 New Year Travel Demand
China Tourism and Hospitality Industry: Boom in 2024 New Year Travel Demand
- Data from Trip.com Group (9961 HK) showed good improvement in travel demand for the 2024 New Year holidays. The volume of various orders has surged between 2x and 5x YoY.
- Aggregate net profit for the tourism and hospitality sector has turned around to Rmb20.4bn in 3Q23, from losses of Rmb24.7bn a year ago, demonstrating solid profitability recovery.
- An average of 32% drop in the sector’s share price YTD is unjustified. We like Tongcheng Travel (780 HK), Air China (H) (753 HK) and Fosun Tourism (1992 HK).
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