Tongcheng Travel Holdings NDR Takeaways

Tongcheng Travel expects a 2Q26 slowdown in air and hotel bookings due to seasonality and high airfares, but management maintains that long-term growth drivers and outbound expansion remain intact.

Key Takeaways

• 1.Tongcheng management reiterated a cautious 2Q26 outlook due to seasonally weak travel and high fuel surcharges weighing on long-haul demand.
• 2.Anti-trust investigations on TCOM are expected to have minimal impact on Tongcheng as its user base is concentrated in lower-tier cities.
• 3.The company remains focused on expanding its outbound travel business and its hotel management brands (Elong and Wanda).

Table of Contents

• Price Target Risks and Methodology - Tongcheng Travel Holdings
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures

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