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00780 TONGCHENGTRAVEL
RTNominal down21.650 -0.250 (-1.142%)
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27/11/2019 14:48

{I-bank focus}CCBI lifts Tongcheng Elong (00780) to HK$17.6

[ET Net News Agency, 27 November 2019] CCB International lifted its target price for
Tongcheng Elong Holdings (TCEL)(00780) to HK$17.6 from HK$17 and maintained its
"outperform" rating.
The research house said TCEL reported a solid set of 3Q results. In 3Q, total MAU
(monthly active users) on TCEL's platform grew 13% to reach 234m, of which 192m or 82%
could be attributed directly to TCEL's partnership with Tencent (00700). Paying users at
TCEL grew much faster by comparison. MPU (monthly paying users) on the platform grew 32%
to reach 32m. The paying ratio was 12.7% in 3Q, up from 11% in 3Q 2018.
CCBI looks for 20%/18% sales revenue growth in FY2020/21. (KL)

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