Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Focusing on Asian logistics, transportation, and travel companies

Asian Equities Analyst, Logistics & Transport

More on Ctrip.com Q2 Results; Competition Increasing On All Fronts

First Cut on Ctrip.com Q2 Results: Margins Remain Under Pressure

Equity Bottom-Up

<p>On the morning of September 6th in New York, <a href="https://www.smartkarma.com/entities/180" target="_blank" data-smartkarma-citation="entities:180:1">Ctrip.com International (ADR) (CTRP US)</a>  announced two new fundraising initiatives. CTRP will sell 22.5 mn new ADS, equivalent to 4.9% of outstanding ADS, and in addition the company will issue $750 mn in convertible senior notes. Assuming no over-allotments, and full conversion of the notes, we estimate these initiatives will result in approximately 8.5% dilution for existing shareholders. CTRP shares initially traded down around 5% on the news.</p><p>…</p>

On the morning of September 6th in New York, Ctrip.com International (ADR) (CTRP US)  announced two new fundraising initiatives. CTRP will sell 22.5 mn new ADS, equivalent to 4.9% of outstanding ADS, and in addition the company will issue $750 mn in convertible senior notes. Assuming no over-allotments, and full conversion of the notes, we estimate these initiatives will result in approximately 8.5% dilution for existing shareholders. CTRP shares initially traded down around 5% on the news.…

Ctrip.com Surprises Markets With New Equity and Convertible Note Issuance

Trip.com

Ctrip.com Surprises Markets With New Equity and Convertible Note Issuance