Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Monthly Chinese Tourism Tracker | China's 2023 Recovery in Ten Charts | (January 2024)

Trip.com Q4 Quick Take: Strong Top-Line Growth | Impressive Expense Control | And Not Expensive

Monthly Chinese Tourism Tracker | January & Initial Read On February Both Indicate Solid Growth

Trip.com Q3 Quick Take: Net Inc > Consensus | Progress on Expenses | But Not a Game-Changer

12 Months In, China's Tourism Recovery & Performance of China Tourism Shares Have Both Disappointed

Monthly Chinese Tourism Tracker | No "Pent-Up Demand"! | Weak YTD Returns, Too | (December 2023)

Monthly Chinese Tourism Tracker | Recovery Still Sluggish | Trip.com as Value Name | (November 2023)

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Equity Bottom-Up

<ul>
<li>China's outbound tourism recovery started much later than others in the region</li>
<li>In particular, Taiwan &amp; Korea began ramping outbound travel earlier (in Q222)</li>
<li>As destinations, Thailand &amp; Vietnam recovered early, but now lag HK's growth</li>
</ul>


China's outbound tourism recovery started much later than others in the region
In particular, Taiwan &amp; Korea began ramping outbound travel earlier (in Q222)
As destinations, Thailand &amp; Vietnam recovered early, but now lag HK's growth


Mandarin Oriental International (MAND SP)

Beijing Capital International Airport (BCIA) (694 HK)

Beijing Capital International Airport (BCIA)

China's Tourism Recovery Versus Other Major Tourist Sources in Asia: Delayed, Not Slower