China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

Equity Bottom-Up

<ul>
<li>In a tough macro environment with travel as perhaps the only bright spot in consumption</li>
<li>However, equally compelling is the demand negatives of overseas travel as a somewhat luxurious consumption item and tough competition at home;</li>
<li>Given the stock’s valuation, we maintain the rating as SELL but raise TP to US$45/ADS, implying 2025 PE of 15x.</li>
</ul>


In a tough macro environment with travel as perhaps the only bright spot in consumption
However, equally compelling is the demand negatives of overseas travel as a somewhat luxurious consumption item and tough competition at home;
Given the stock’s valuation, we maintain the rating as SELL but raise TP to US$45/ADS, implying 2025 PE of 15x.


[Trip.com (TCOM US, SELL, TP US$45) TP Change]: Liquidity and Platform Positive Vs. Demand Negative