[ET Net News Agency, 24 May 2022] UBS lowered its target price for Tongcheng Travel
(00780) to HK$17 from HK$18.5 and maintained its "buy" rating.
The research house said it keeps 2Q22 revenue estimate largely unchanged at 44.0% YoY
decline, in line with company guidance, but lowers 2Q net margin by 4.5ppt to 5.8% to
reflect a higher personnel related cost base. (RC)