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

24/11/2020 14:38

{I-bank focus}Goldman cuts Tongcheng-Elong to HK$18.8

[ET Net News Agency, 24 November 2020] Goldman Sachs lowered its target price for
Tongcheng-Elong Holdings (00780) to HK$18.8 from HK$19.1 and maintained its "buy" rating.
The research house said Tongcheng-Elong reported in-line 3Q results. However, 4Q
guidance came in on the softer side where management expects a -5% to 0% revenue decline
and adjusted net profit of Rmb300-350mn on some uncertainties in domestic travel amid
recent COVID-19 cases.
Factoring in 3Q results and management comments, Goldman revised down its 2020-22
revenue forecasts by -4% to -7% and adjusted net profit estimates by -2% to -7%. (KL)

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