Jefferies: Ctrip Group-S (09961) remains “buying” for the second quarter, both adjusted operating profit and net profit beat expectations

The Zhitong Finance App learned that Jefferies released a research report saying that Ctrip Group-S (09961)'s financial report for the second quarter of 2026 was better than expected, that total revenue was in line with market consensus and was 1% higher than the bank's expectations; adjusted operating profit (after share-based remuneration expenses and antitrust fines) was 4% higher than market consensus and the bank's expectations, and adjusted earnings per share were also superior to market consensus and this estimate. The bank maintains a provisional “buy” rating for the stock, with a target price of HK$491, and will focus on feedback on the new commission model, as well as tourism demand.

The bank said that Ctrip's adjusted operating profit during the period was about RMB 4.37 billion, higher than market consensus and the bank's expectations of about RMB 4.2 billion; the adjusted operating profit margin (after deducting share-based remuneration expenses) was 28%, which was also higher than the bank's estimate of 27.1%. The adjusted profit was RMB 4.8 billion, higher than the market consensus of RMB 4.1 billion and the Bank's estimate of RMB 3.8 billion.