CICC International: Raises target price of Ctrip Group-S (09961) to HK$638, third quarter performance exceeds expectations.

According to the Zhitong Financial APP, CCB International released a research report stating that Ctrip Group-S (09961) exceeded market expectations in the third quarter financial report, with revenue and non-GAAP operating profit increasing by 16% and 12% year-on-year respectively, reflecting significant progress in its domestic market and overseas market (Trip.com platform) traffic acquisition. It reiterated a "buy" rating and raised the target price from HK$630 to HK$638. As of the fourth quarter of 2025, Ctrip continued to achieve strong growth in its core markets. The bank predicts that a stable competitive landscape in China will allow Ctrip to focus more on driving expansion in overseas markets.