[ET Net News Agency, 31 August 2020] Morgan Stanley lifted its target price for
Tongcheng-Elong Holdings (00780) to HK$18 from HK$16 and maintained its "overweight"
rating.
The research house said Tongcheng-Elong's positive like-for-like revenue growth guidance
in 3Q and an adjusted net margin of 16% in 2Q beat Morgan's estimates.
Morgan sees revenue growth turning positive in 4Q and up more than 100% in 1Q 2021,
holiday seasons, and vaccine development driving the stock price. It sees agreements with
WeChat (5-year) and Trip.com (3-year) being renewed in 2021 with immaterial margin impact.
Morgan's 2021 estimates reflect a 30% growth in revenue and 25% in adjusted net profit
over 2019-21. (KL)
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00780 TONGCHENGTRAVEL
Nominal 
21.650 -0.350 (-1.591%) Research Report
31/08/2020 14:59
{I-bank focus}Morgan lifts Tongcheng-Elong (00780) to HK$18
| Remark: | Real time quote last updated: 24/04/2024 14:17 |
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