CICC: Maintains Outperform rating on Ctrip Group-S (09961.HK) with a target price of HK$588.5.

Zhitong Finance and Economics APP learned that Zhongjin issued a research report stating that it basically maintains the revenue expectations for Ctrip Group-S (09961.HK) for 2025/26. Considering that the cost control is better than expected, the non-GAAP net profit forecast for 2025/26 is raised by 3%/3% to 16.4 billion and 18.9 billion respectively. Maintaining an outperform industry rating, the bank maintains target prices for US stocks and Hong Kong stocks at $75.9 and 588.5 Hong Kong dollars, corresponding to non-GAAP price-earnings ratios of 24 times for US stocks and Hong Kong stocks in 2025, respectively, which are 13% and 14% higher than the current stock prices. The company is currently trading at non-GAAP price-earnings ratios of 21 times for US stocks and 18 times for Hong Kong stocks in 2025/26.