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<Research>JPM Keeps Overweight on TRIP.COM-S; Regulatory & Other Risks Won't Affect Long-term Profitability
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JPMorgan has maintained an Overweight rating on TRIP.COM-S (09961.HK), citing that while the market is increasingly inclined to view the State Administration for Market Regulation's antitrust probe, AI, oil prices, and geopolitical risks as structural impairments, its base-case forecast remains relatively neutral. The report stressed that the core investment question lies not in whether these risks exist, but in whether they will reshape TRIP.COM-S' long-term profitability, and JPMorgan holds a negative view on this concern. Analysis shows that the impact of oil price shocks on TRIP.COM-S' non-GAAP EPS this year is manageable under the base-case scenario. Regarding regulatory risks, it is believed that regulatory actions are more likely to result in rectification of business practices rather than causing a lasting change to TRIP.COM-S' domestic monetization capability or competitive position. JPMorgan set TRIP.COM-S' target price at HKD600 and Trip.com (TCOM.US)'s at USD75. Auto-translated by AI AASTOCKS Financial News |
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