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Ctrip (CTRP) 2Q16 RESULTS: EARNINGS BEAT DUE TO MARKETING COST SAVINGS AND STRONG CHINESE TRAVEL DEMAND

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Coresight Research

Key Points

  • Ctrip, China’s leading online travel agent, reported in-line 2Q16 revenues of ¥4.41 billion, up 75% year over year. Non-GAAP net profit of ¥0.06 billion beat the consensus estimate of a loss of ¥0.04 billion, but was down 81% year over year due to the consolidation of Qunar.
  • Management guided for net revenue growth of approximately 70–75% year over year for the third quarter of 2016.
  • Chinese outbound travel to Europe weakened due to the events in Istanbul and Nice, but this was partially offset by strong demand for outbound travel to North America.
  • China’s online travel industry is increasingly concentrated and has been shifting to mobile. More than 70% of Ctrip’s orders are generated from the mobile platform.
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