Nomura Securities Raises Price Target on Ctrip.com (CTRP) Following 2Q
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Nomura Securities reiterated a Buy rating on Ctrip.com (NASDAQ: CTRP), and raised the price target to $57.00 (from $49.00), following the company's 2Q earnings report. Ctrip’s accommodation revenue increased 30% YoY in 2Q16 on a pro forma basis, vs. 49% YoY in 1Q16. Checks with Chinese airlines also show that OTAs, particularly Ctrip, have gained more market share since July 1 as small agencies were squeezed out.
Analyst Jialong Shi commented, "Ctrip reported in-line 2Q16 net revenue of CNY4.4bn, up 32% y-y on a pro forma basis. Non-GAAP net profit of CNY57mn beat street estimates for a net loss of CNY40mn, owing to better operating margins. Non-GAAP operating margin improved 16pp YoY on a pro forma basis thanks to cost savings. Ctrip expects continued margin expansion. It guided for 22-26% y-y pro-forma top-line growth, the mid-point of which is 2% above consensus of 22% y-y."
Shares of Ctrip.com closed at $47.90 yesterday.
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