Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Focusing on Asian logistics, transportation, and travel companies

Asian Equities Analyst, Logistics & Transport

Ctrip.com Vulnerable as Travel Service Providers Increasingly Go Direct

Equity Bottom-Up

<p>After a review of Q1 results, we retain our negative view of Ctrip's medium-term fundamentals.</p><p>Ctrip's IR team did not respond to multiple requests for more information on +318 mn rmb in 'other income' (non-operating) on Q1's income statement, nor did management address the item in their conference call Wednesday evening. None of the banks' analysts who had a chance to ask questions during the call brought the item up, either. And as far as we can tell, management did not previously flag an item…</p>

After a review of Q1 results, we retain our negative view of Ctrip's medium-term fundamentals.Ctrip's IR team did not respond to multiple requests for more information on +318 mn rmb in 'other income' (non-operating) on Q1's income statement, nor did management address the item in their conference call Wednesday evening. None of the banks' analysts who had a chance to ask questions during the call brought the item up, either. And as far as we can tell, management did not previously flag an item…

More Thoughts on Ctrip.com Q1; Remain Short

Trip.com

More Thoughts on Ctrip.com Q1; Remain Short