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RTNominal up20.450 +0.050 (+0.245%)

04/03/2021 09:53

{I-bank focus}Credit Suisse lifts Tongcheng-Elong to HK$20

[ET Net News Agency, 4 March 2021] Credit Suisse lifted its target price for
Tongcheng-Elong (TCEL) (00780) to HK$20 from HK$18 and maintained its "outperform" rating.
The research house said the overall travel demand in China over the past winter has been
negatively impacted by COVID resurgence which led to a sequential weakening in travel
activities in December and significantly reduced interprovincial travel during the Chinese
New Year.
Credit Suisse expects this to weigh on TCEL's revenue recovery into Dec and 1Q 2021. But
it continues to see TCEL well positioned to benefit from domestic travel demand
normalisation and growth, especially in lower-tier cities.
Credit Suisse lowered its 2021 by 12% to reflect weakness in 1Q. (KL)

Remark: Real time quote last updated: 11/06/2021 17:59
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