Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

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

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

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

Trip.com Q4/2022 Results: Back to Reality?

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

TRACKING TRAFFIC/Chinese Tourism: LNY Traffic Points to Slow Recovery in 2023

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Thematic (Sector/Industry)

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

<ul>
<li>Domestic and outbound Chinese air traffic continued to recover in April, but aircraft deployed on international routes continued to operate far below capacity</li>
<li>Headline numbers from the recent Labor Day holiday period show an increase in domestic travel activity to above 2019 levels, but spending per trip remains depressed</li>
<li>Tourism activity has increased dramatically compared to 2022, but five months after most Covid-19 restrictions were lifted there are few signs of stong demand for leisure travel</li>
</ul>


Domestic and outbound Chinese air traffic continued to recover in April, but aircraft deployed on international routes continued to operate far below capacity
Headline numbers from the recent Labor Day holiday period show an increase in domestic travel activity to above 2019 levels, but spending per trip remains depressed
Tourism activity has increased dramatically compared to 2022, but five months after most Covid-19 restrictions were lifted there are few signs of stong demand for leisure travel


Mandarin Oriental International (MAND SP)

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