Daiwa Securities raises Trip.com target price to 727 yuan, maintains "Buy" rating

AASTOCKS
2025.11.19 02:27

Daiwa Capital Markets published a report stating that Trip.com (09961.HK) will outperform expectations in its Q3 2025 performance. Revenue is expected to increase by 15.5% year-on-year to RMB 18.4 billion, in line with market expectations. The non-GAAP net profit for Q3 2025 is projected to reach RMB 19.2 billion. Excluding the RMB 17 billion investment income from MakeMyTrip (a non-recurring item), the non-GAAP net profit is expected to increase by 8% year-on-year to RMB 5.9 billion, exceeding market expectations by 4%.

The report indicates that Trip.com forecasts Q4 2025 revenue to grow by 15% to 20% year-on-year to RMB 16.7 billion, in line with market expectations. The rating is maintained at "Buy," with the target price slightly adjusted from HKD 725 to HKD 727

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