BOCOM International issued a research report stating that TRIP.COM-S (09961) delivered second-quarter results that exceeded expectations, with hotel business growth outperforming forecasts and market share continuing to expand. The company holds an advantageous position in the current competitive landscape of the mainland market, with marketing investment efficiency improvement trends expected to persist, while overseas market investments maintain controllable impact on overall company profitability. The firm extends Trip.com's valuation horizon to 2026, based on a 2026 price-to-earnings ratio of 20x, raising the company's target price from HK$591 to HK$653 while maintaining a "Buy" rating.