Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

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

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

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

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

Monthly Chinese Tourism Tracker | Recovery Continues | But Seats Stay Empty | (May 2023)

Chinese Outbound Tourism Recovery Accelerates, But Still a Fraction of Pre-Covid Level

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Thematic (Sector/Industry)

China Hotels, restaurants and leisure / Thematic (Sector/Industry)

<ul>
<li>In May, the recovery in outbound travel remained strong, but not surprisingly so</li>
<li>Meanwhile, improvement in domestic travel activity appears to have lost steam</li>
<li>Six months in, we simply do not see any positive surprises in the travel boom</li>
</ul>


In May, the recovery in outbound travel remained strong, but not surprisingly so
Meanwhile, improvement in domestic travel activity appears to have lost steam
Six months in, we simply do not see any positive surprises in the travel boom


Mandarin Oriental International (MAND SP)

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