Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Trip.com Q223 Quick Take: Revenue, EPS > Consensus | Guidance? Not Much | Still No Upside Surprises

Monthly Chinese Tourism Tracker | 'Pent-Up' Travel Demand -- Does China Have Any? | (September 2023)

Quick Take on 'Golden Week' Headline Tourism Traffic: Limited Improvement, & Shy of Expectations

Monthly Chinese Tourism Tracker | Outbound: Mixed Signals | Domestic: Steady | (July 2023)

Monthly Chinese Tourism Tracker | Outbound Firmer | Domestic Losing Steam | No Surprises (June 2023)

Trip.com Q123 | Revenue Surges Past Q119 Level | Decade-High Margin | But Our Thesis Is Unchanged

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Equity Bottom-Up

<ul>
<li>Compared to depressed traffic from last year, outbound travel in July was up dramatically; strong M/M growth versus June suggests the outbound recovery still has legs </li>
<li>Does China's relaxation of group travel to Japan and Korea matter? We offer context and conclude the change is helpful, but not a "game-changer" for overall travel demand</li>
<li>We also review July domestic traffic and preview Trip.com's Q2 results (out Sept 4th)</li>
</ul>


Compared to depressed traffic from last year, outbound travel in July was up dramatically; strong M/M growth versus June suggests the outbound recovery still has legs 
Does China's relaxation of group travel to Japan and Korea matter? We offer context and conclude the change is helpful, but not a "game-changer" for overall travel demand
We also review July domestic traffic and preview Trip.com's Q2 results (out Sept 4th)


Mandarin Oriental International (MAND SP)

Beijing Capital International Airport (BCIA) (694 HK)

Beijing Capital International Airport (BCIA)

Monthly Chinese Tourism Tracker | July Outbound Firm | Group Tour Impact | Trip.com Q2 (August 2023)