Trip.com: Favorable Tailwinds In Play, Initiate A Buy (NASDAQ:TCOM)


Trip.com Group Limited company logo on office building

Robert Way

Investment Thesis

Trip.com (NASDAQ:TCOM) shares have outperformed the KraneShares China Internet ETF (KWEB) having rebounded over 75% since it bottomed in Oct 2022 compared to KWEB’s jump shade below 50% amidst Chinese recovery. TCOM is also one of

Particulars 2019 Revenues

2023E Change

vs 2019

2023E Revenues

Total Revenue 4,768 28% 6,080
Domestic Travel 3,100 60% 4,960
International Travel 1,668 (40%) 1,120
Outbound 1,192 (30%) 835
Inbound 476 (40%) 286



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