Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Focusing on Asian logistics, transportation, and travel companies

Asian Equities Analyst, Logistics & Transport

More Thoughts on Ctrip.com Q1; Remain Short

Ctrip.com Vulnerable as Travel Service Providers Increasingly Go Direct

Equity Bottom-Up

<p>Ctrip's Q1 results are the first to fully consolidate results from Qunar (QUNR), which also reported today after the close in New York. Ctrip's Q1 Net Revenues appear in-line with expectations, and after adjusting for non-cash items, it still appears Income from Operations was essentially zero (but in-line with lowered expectations).</p><p>The Net result (loss of 3.49 rmb per ADS) was slightly better than consensus (-3.62 rmb per ADS) but includes 318 mn rmb in 'other', non-operating income; without…</p>

Ctrip's Q1 results are the first to fully consolidate results from Qunar (QUNR), which also reported today after the close in New York. Ctrip's Q1 Net Revenues appear in-line with expectations, and after adjusting for non-cash items, it still appears Income from Operations was essentially zero (but in-line with lowered expectations).The Net result (loss of 3.49 rmb per ADS) was slightly better than consensus (-3.62 rmb per ADS) but includes 318 mn rmb in 'other', non-operating income; without…

Trip.com

Update on Ctrip.com Post Q1 Results