Citi Research maintained a "Buy" rating for TRIP.COM-S (09961.HK) due to its industry-leading position and expectations that the company's 4Q25 revenue and adjusted operating profit will align with market expectations. The firm anticipates that TRIP.COM-S will continue to expand its market share during the peak season and benefit from a rebound in average daily rates and growth in room nights in its domestic hotel business. However, they lowered their adjusted earnings forecasts for 2026 and 2027 to account for potential impacts on the domestic hotel business and adjusted the target price for Trip.com Group's US stock. The rating reflects confidence in the company's fundamentals, especially once the ongoing antitrust investigation concludes, providing clearer visibility for investors.

UBS

Buy

maintain

$90 -> $90

2026-01-26

Reason

UBS

Price Target

$90 -> $90

2026-01-26

maintain

Buy

Reason

The analyst rating from UBS is influenced by the ongoing antitrust investigation into TRIP.COM-S, which has caused the company's share price to decline. Despite this, UBS believes the market has largely absorbed the news. The primary concern for investors is the potential for future penalties that could impact TRIP.COM-S' business model, fee structure, or market share. UBS finds it challenging to predict the financial implications of the investigation beyond potential fines, leading them to expect the stock to remain range-bound in the short term. Nevertheless, UBS maintains a positive outlook with a target price of USD90 for Trip.com and HKD700 for its H-shares, both rated as Buy.

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09961 Should I Buy

09961 Should I Buy

Should You Buy TRIP.COM-S (09961) Today? Analysis, Price Targets, and 2026 Outlook.

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