Goldman Sachs has issued a research report indicating that Trip.com Group Ltd (ASX: TCOM)'s second-quarter results broadly aligned with expectations, and the recent pullback in share price presents a buying opportunity for investors.

Despite persistent macroeconomic headwinds and the transition to a new hotel classification system, the company's third-quarter revenue guidance of 1-6% year-on-year growth surpassed market concerns, prompting the firm to maintain its "Buy" rating while trimming the Hong Kong-listed target price to HK$536.

The bank highlighted that the international Trip.com platform continues to demonstrate robust performance, and the company's hotel commission rates are gradually stabilizing, supporting a positive long-term outlook. However, in light of soft near-term domestic travel demand, Goldman Sachs has revised down its 2026-2028 adjusted earnings forecasts by 2-6%.

The report underscored that structural tailwinds from inbound tourism and overseas expansion are expected to offset volatility in the domestic business, with current valuations sitting at an attractive cyclical trough.