Goldman Sachs: Ctrip Group-S (09961) pullback provides buying opportunities to maintain a “buy” rating

The Zhitong Finance App learned that Goldman Sachs released a research report saying that Ctrip Group-S (09961)'s second-quarter results were broadly in line with expectations. Despite facing macro headwinds and the transition to a new hotel classification system, the guidance of 1-6% year-on-year revenue growth in the third quarter was still superior to market concerns. Maintaining a “buy” rating, the target price for Hong Kong stocks was lowered to HK$536.

The bank said that the international Trip.com platform continued to perform strongly, and the company's hotel commission rate gradually stabilized, maintaining a positive view. However, to reflect weak short-term domestic travel demand, the adjusted profit forecast for 2026-2028 was lowered by 2-6%. The bank believes that structural benefits brought about by inbound travel and overseas expansion will offset fluctuations in domestic business, and share valuations are at the bottom of an attractive cycle.