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RTNominal up19.420 +0.940 (+5.087%)

10/02/2021 17:52

{I-bank focus}HSBC lowers Tongcheng-Elong (00780) to HK$15.5

[ET Net News Agency, 10 February 2021] HSBC Global Research cut its target price for
Tongcheng-Elong (00780) to HK$15.5 from HK$16.4 and downgraded its rating to "hold" "buy".
The research house previously believed Tongcheng could expand its margins at a faster
pace and take more market share driven by a rapid return of travel in mainland China. But
it now lowered its margin expectations, given (1) the recurrence of COVID-19 cases since
December 2020 has hit the travel sector, and (2) Tongcheng needs to step up its sales and
marketing (S&M) and subsidies to acquire users and expand market share in 2021.
HSBC now expects Tongcheng's adjusted operating margin to expand by 5ppts in 2021 to
17.9% (versus 10ppts earlier). It cut its 2021/22 earnings forecasts by 25%/22% on a
slower travel recovery and higher S&M expenses but lifted its medium-term FCF CAGR in
2024-29 from 1.1% to 4.2%. (KL)

Remark: Real time quote last updated: 12/04/2021 12:49
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