CMB International Maintains "Buy" Rating on TONGCHENGTRAVEL (00780), Raises Target Price to HK$25.4 as Earnings Beat Expectations

Stock News

Nov 27, 2025

CMB International has slightly raised its target price for TONGCHENGTRAVEL (00780) by 5.8% from HK$24 to HK$25.4, while maintaining a "Buy" rating. The firm noted that TONGCHENGTRAVEL's Q3 2025 results showed total revenue reaching RMB5.5 billion, up 10.4% year-on-year, which was 1% higher than both CMB International's and market consensus expectations. Adjusted net profit rose 16.5% YoY to RMB1.06 billion, exceeding CMB International's forecast by 4% and beating consensus estimates by 2%, driven by better-than-expected operational leverage in its core OTA business.

The operating margin for the core OTA business improved to 31.2% in Q3 (vs. 31.1% in Q3 2024), 0.1 percentage point above the bank's projection. With the consolidation of Wanda Hotel Management's operations starting October 2025, which will contribute additional revenue, CMB International has raised its 2025–2027 revenue forecasts by 1–3%. The bank expects TONGCHENGTRAVEL to achieve 14% revenue growth and 12% adjusted net profit growth in 2026.

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The firm noted that TONGCHENGTRAVEL's Q3 2025 results showed total revenue reaching RMB5.5 billion, up 10.4% year-on-year, which was 1% higher than both CMB International's and market consensus expectations. Adjusted net profit rose 16.5% YoY to RMB1.06 billion, exceeding CMB International's forecast by 4% and beating consensus estimates by 2%, driven by better-than-expected operational leverage in its core OTA business.</p>\n<p>The operating margin for the core OTA business improved to 31.2% in Q3 (vs. 31.1% in Q3 2024), 0.1 percentage point above the bank's projection. With the consolidation of Wanda Hotel Management's operations starting October 2025, which will contribute additional revenue, CMB International has raised its 2025–2027 revenue forecasts by 1–3%. 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The firm noted that TONGCHENGTRAVEL's Q3 2025 results showed total revenue reaching RMB5.5 billion, up 10.4% year-on-year, which was 1% higher than both CMB International's and market consensus expectations. Adjusted net profit rose 16.5% YoY to RMB1.06 billion, exceeding CMB International's forecast by 4% and beating consensus estimates by 2%, driven by better-than-expected operational leverage in its core OTA business.</p>\n<p>The operating margin for the core OTA business improved to 31.2% in Q3 (vs. 31.1% in Q3 2024), 0.1 percentage point above the bank's projection. With the consolidation of Wanda Hotel Management's operations starting October 2025, which will contribute additional revenue, CMB International has raised its 2025–2027 revenue forecasts by 1–3%. 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The firm noted that TONGCHENGTRAVEL's Q3 2025 results showed total revenue reaching RMB5.5 billion, up 10.4% year-on-year, which was 1% higher than both CMB International's and market consensus expectations. Adjusted net profit rose 16.5% YoY to RMB1.06 billion, exceeding CMB International's forecast by 4% and beating consensus estimates by 2%, driven by better-than-expected operational leverage in its core OTA business.\nThe operating margin for the core OTA business improved to 31.2% in Q3 (vs. 31.1% in Q3 2024), 0.1 percentage point above the bank's projection. With the consolidation of Wanda Hotel Management's operations starting October 2025, which will contribute additional revenue, CMB International has raised its 2025–2027 revenue forecasts by 1–3%. 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