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00780 TONGCHENG-ELONG
RTNominal down18.460 -0.640 (-3.351%)
Research Report

24/11/2020 10:59

{I-bank focus}JEF cuts Tongcheng-Elong (00780) to HK$17.3

[ET Net News Agency, 24 November 2020] Jefferies Research lowered its target price for
Tongcheng-Elong (TCEL) (00780) to HK$17.3 from HK$19 and maintained its "buy" rating.
The research house said TCEL's 3Q results are largely in line with consensus. Excluding
the impact of international travel and pre-purchase of inventories, domestic revenue is
expected to grow 3%-8% in 4Q. In 2021, Jefferies expects TCEL to put more emphasis on user
acquisitions and ramp up its annual paying user base, which is important for long-term
growth.
Jefferies lifted its net profit for FY2020 to RMB962m from RMB949m but trimmed its net
for FY2021-22 to RMB1,563m and RMB2,245m from RMB2,373m and RMB3,210m respectively. (KL)

Remark: Real time quote last updated: 13/04/2021 17:59
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