Group 1 - Trip.com currently has an average brokerage recommendation (ABR) of 1.14, indicating a consensus between Strong Buy and Buy, with 88.9% of recommendations being Strong Buy and 5.6% being Buy [1][6] - The Zacks Consensus Estimate for Trip.com has increased by 5.1% over the past month to $3.08, reflecting analysts' growing optimism regarding the company's earnings prospects [6] - The Zacks Rank for Trip.com is 2 (Buy), suggesting a positive outlook based on earnings estimate revisions [6] Group 2 - Brokerage recommendations often exhibit a strong positive bias, with a ratio of five "Strong Buy" recommendations for every "Strong Sell," indicating potential misalignment with retail investors' interests [2][4] - The Zacks Rank is a quantitative model based on earnings estimate revisions, which has shown a strong correlation with near-term stock price movements, making it a more reliable indicator than ABR [5] - The ABR may not always be up-to-date, while the Zacks Rank reflects timely changes in earnings estimates, providing a more accurate indication of future price movements [5]

SINGAPORE, June 4, 2024 /PRNewswire/ -- Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) ("Trip.com Group" or the "Company"), a leading one-stop travel service provider of accommodation reservation, transportation ticketing, packaged tours, and corporate travel management, today announced the pricing of its previously announced offering (the "Notes Offering") of US$1.3 billion in aggregate principal amount of convertible senior notes due 2029 (the "Notes"). The Notes have been offered to persons reasonably ...

Group 1: Travel Industry Overview - The phenomenon of revenge travel has faded, but there remains a bullish case for travel stocks due to the strong U.S. dollar, which enhances American tourists' purchasing power [1] - The Covid-19 pandemic has led to a behavioral shift where consumers prioritize experiential expenditures, supporting the case for travel stocks [1] Group 2: Wyndham Hotels & Resorts (WH) - Wyndham Hotels & Resorts operates as a hotel franchisor with brands like Super 8 and Days Inn, and reported sales of $1.4 billion in 2023, down nearly 7% from $1.5 billion in 2022 [2] - In the trailing 12 months, Wyndham posted a net income of $238 million, translating to earnings per share (EPS) of $2.84 [2] - For the current fiscal year, sales are projected to reach $1.49 billion, an increase of nearly 7%, with EPS expected to rise to $4.36, indicating a growth of just under 28% [3] Group 3: United Airlines (UAL) - United Airlines provides air transportation services and is recovering from the impacts of Covid-19, with 2023 revenue projected at $53.72 billion [4][5] - In 2020, United's sales were $15.36 billion, down 64.5% from $43.26 billion in 2019, but analysts expect revenue to increase by 8.46% to $58.26 billion in the current fiscal year [5] - The airline's net income for the trailing 12 months was $2.69 billion, with EPS at $8.09, and EPS is expected to rise to $10.30, a gain of 30.55% [5] Group 4: Trip.com (TCOM) - Trip.com operates as a travel service provider primarily in China, with a unanimous strong buy rating from analysts and an average price target of $68.06 [6][7] - The company reported revenue of $44.51 billion in 2023, recovering from $18.32 billion in 2020, which was down nearly 49% from $35.67 billion in 2019 [7] - For the current year, sales are expected to grow by 20.2% to $53.5 billion, with EPS projected to rise 47% to $21.72 [7]

Table of Contents Table of Contents Exhibit 99.1 TRIP.COM GROUP LIMITED INDEX TO CONSOLIDATED FINANCIAL STATEMENTS | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------|-------| | | Page | | Unaudited Interim Condensed Consolidated Statements of Income and Comprehensive Income for the Three-month Periods Ended March 31, | | | 2023 and 2024 | F-2 | | Unaudited Interim Condensed Consolidated Balance Sheets as of D ...

Core Viewpoint - Trip.com Group Limited announced a proposed offering of US$1.3 billion in convertible senior notes due 2029, aimed at qualified institutional buyers, with an option for initial purchasers to buy an additional US$200 million [1][10]. Group 1: Notes Offering Details - The notes will be general unsecured obligations of the company, maturing on June 15, 2029, with a repurchase option for holders on June 15, 2027, at 100% of the principal amount plus accrued interest [3][4]. - The notes will be convertible under certain conditions, with cash settlement upon conversion, and the company may choose to settle in cash, American depositary shares (ADSs), or a combination [5][6]. - The company plans to repurchase up to US$400 million of its ADSs concurrently with the notes offering to offset potential dilution from the conversion of the notes [7]. Group 2: Use of Proceeds - The net proceeds from the notes offering will be used for repaying existing financial indebtedness, expanding overseas business, and meeting working capital needs [2]. Group 3: Company Overview - Trip.com Group Limited is a leading global one-stop travel platform, offering a comprehensive suite of travel products and services, and operates under brands like Ctrip, Qunar, Trip.com, and Skyscanner [12].

Investment Rating - The report assigns a "BUY" rating for Trip.com Group (TCOM) with a target price of US$65.8, up from the previous target of US$49.0, indicating a potential upside of 17.9% from the current price of US$55.83 [3][12]. Core Insights - Trip.com Group reported a net revenue of RMB11.9 billion for Q1 2024, representing a year-over-year increase of 29.4%, which exceeded both the forecast and consensus estimates [2]. - The company is positioned to capitalize on globalization opportunities beyond the current pent-up demand in the travel industry, leveraging its one-stop shop business model and strong customer service capabilities [2][7]. - Management anticipates that international business will contribute over 20% of total revenue within the next 3-5 years, supported by a significant total addressable market in Asia that is 1.5 times that of China [7][8]. Summary by Sections Financial Performance - In Q1 2024, Trip.com achieved a non-GAAP operating income of RMB3.8 billion, surpassing forecasts due to better gross profit margins and controlled marketing expenses [2][10]. - The company expects revenue for Q2 2024 to reach RMB12.9 billion, reflecting a 15% year-over-year growth [2]. Market Position and Growth Strategy - Trip.com’s domestic travel bookings grew at a double-digit rate year-over-year in Q2 2024, outpacing the overall market [9]. - The international flight capacity rebounded to 70% of pre-pandemic levels, with Trip.com outperforming the industry by 20-30% in outbound travel bookings [8][9]. - The inbound travel revenue, which accounted for approximately 20% of Trip.com’s revenue in Q1 2024, is expected to further support revenue growth [7]. Operational Efficiency - The non-GAAP operating profit margin for Q1 2024 was 31.6%, significantly better than forecasted, driven by disciplined sales and marketing spending [2][10]. - The company aims to maintain efficient marketing expenditures focused on return on investment, which is expected to stabilize the operating profit margin despite a high base [2][10]. Future Projections - Revenue projections for 2024, 2025, and 2026 are RMB52.8 billion, RMB59.5 billion, and RMB65.8 billion respectively, with corresponding growth rates of 18.5%, 12.6%, and 10.6% [10][11]. - The gross profit margin is expected to remain strong at around 81.3% for 2024, with operating margins projected to improve to 26.2% [10][11].

Financial Data and Key Metrics Changes - Trip.com Group reported a net revenue of RMB 11.9 billion for Q1 2024, representing a 29% increase year-over-year and a 15% increase quarter-over-quarter [23] - Adjusted EBITDA was RMB 4 billion for Q1 2024, compared to RMB 2.8 billion in the same period last year, with an adjusted EBITDA margin of 33% [25] - Diluted earnings per ordinary share were RMB 6.38 or USD 0.88 for Q1 2024, with non-GAAP diluted earnings per ordinary share at RMB 6 or USD 0.83 [25] Business Line Data and Key Metrics Changes - Accommodation reservation revenue for Q1 was RMB 4.5 billion, a 29% increase year-over-year and a 15% increase quarter-over-quarter [23] - Transportation ticketing revenue reached RMB 5 billion, representing a 20% increase year-over-year and a 22% increase quarter-over-quarter [23] - Packaged-tour revenue surged to RMB 883 million, a 129% increase year-over-year and a 25% increase quarter-over-quarter [23] Market Data and Key Metrics Changes - The outbound travel market saw bookings fully recover to pre-pandemic levels during major holiday periods, with outbound hotel and air ticket bookings increasing by over 100% year-over-year [13][23] - Inbound travel bookings increased by 400% year-over-year, driven by visa-free policies and strong demand from key markets [16] - The domestic market showed robust growth, with hotel and air ticket bookings increasing by 20% to 30% year-over-year [12] Company Strategy and Development Direction - The company is focusing on expanding its user base in second- and third-tier cities in China and enhancing user acquisition and cross-selling ratios [29] - Trip.com aims to capture the growing inbound travel market in China, which is projected to be a multitrillion RMB opportunity [29] - The introduction of tailor-made products for the silver generation is expected to tap into a significant market opportunity valued at RMB 1 trillion [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of strong performance for the rest of 2024, citing a transition from pent-up demand to a more normalized demand environment [11] - The company anticipates continued strong demand across travel segments, despite potential challenges from declining hotel and air prices [26] - Management remains optimistic about the travel market's recovery, particularly in outbound travel, which is expected to reach 80% of pre-pandemic levels by year-end [41] Other Important Information - The company has introduced the Old Friends Club initiative to cater to the travel preferences of the silver generation, aiming to bridge the gap between peak and off-peak travel seasons [8] - Trip.com is committed to social responsibility, creating job opportunities and supporting local communities through strategic investments [21] Q&A Session Summary Question: What growth drivers should investors pay attention to? - Management highlighted the focus on expanding user base in lower-tier cities and the growth of outbound travel as key drivers [29] Question: Have you observed a decrease in hotel ADR and RevPAR? - Management confirmed a decline in domestic ADR influenced by increased outbound travel and improved hotel availability in lower-tier cities [33] Question: What was the business performance during the Labor Day holiday? - Management reported record high domestic and outbound travel bookings during the holiday, with outbound bookings surpassing 120% of 2019 levels [38] Question: What factors will impact the recovery of outbound travel? - Management noted visa applications and flight capacity as major factors influencing the recovery of outbound travel [42] Question: How does Trip.com plan to capture the inbound travel market? - Management emphasized the rich offerings of China and the introduction of free-visa policies to attract international travelers [47] Question: What is the contribution of inbound travel to Trip.com? - Inbound travel now contributes over 20% to overall revenues, reflecting significant growth [49]

Trip.com Group Limited (TCOM) reported splendid first-quarter 2024 results, with earnings and revenues beating the Zacks Consensus Estimate and increasing on a year-over-year basis. The company surpassed its earnings estimates in each of the trailing four quarters.The results reflect solid growth trend in the company’s domestic and outbound travel demand in China on the back of a stabilized supply and further relaxation of visa requirements. This resulted in increased accommodation reservations and global b ...

Financial Performance - Trip.com reported quarterly earnings of $0.83 per share, exceeding the Zacks Consensus Estimate of $0.62 per share, and up from $0.45 per share a year ago, representing an earnings surprise of 33.87% [1] - The company posted revenues of $1.65 billion for the quarter ended March 2024, surpassing the Zacks Consensus Estimate by 2.25%, and an increase from $1.34 billion year-over-year [1] - Over the last four quarters, Trip.com has consistently surpassed consensus EPS and revenue estimates [1] Stock Performance - Trip.com shares have increased approximately 57.8% since the beginning of the year, significantly outperforming the S&P 500's gain of 11.2% [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.76 on revenues of $1.84 billion, and for the current fiscal year, it is $2.96 on revenues of $7.36 billion [4] - The estimate revisions trend for Trip.com is currently unfavorable, resulting in a Zacks Rank 4 (Sell), indicating expected underperformance in the near future [4] Industry Context - The Leisure and Recreation Services industry, to which Trip.com belongs, is currently ranked in the bottom 43% of over 250 Zacks industries, suggesting potential challenges ahead [5] - Vail Resorts, another company in the same industry, is expected to report quarterly earnings of $9.99 per share, reflecting a year-over-year increase of 22.1%, with revenues anticipated to be $1.31 billion, up 5.9% from the previous year [6]

SINGAPORE, May 20, 2024 /PRNewswire/ -- Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) ("Trip.com Group" or the "Company"), a leading one-stop travel service provider of accommodation reservation, transportation ticketing, packaged tours, and corporate travel management, today announced its unaudited financial results for the first quarter of 2024.Key Highlights for the First Quarter of 2024Both domestic and international businesses maintained robust growth momentum in the first quarter of 2024Domestic h ...