TRIP.COM-S (09961) reported better-than-expected Q3 results, with revenue and non-GAAP operating profit rising 16% and 12% year-on-year, respectively. The strong performance reflects significant progress in user acquisition across both domestic and international markets (Trip.com platform). BOCI reiterated its "Buy" rating and raised the target price from HK$630 to HK$638.

By Q4 2025, TRIP.COM-S continues to demonstrate solid growth in its core markets. The bank expects stable competition in China's domestic market to allow the company to focus more on expanding its overseas presence.