Trip.com Q2 Earnings Preview: Regulatory Penalty Creates A Buying Opportunity (Upgrade)

Impact · against what's priced in

Trip.com faces a significant near-term earnings hit and structural threats to its take rate due to a RMB 5.1 billion regulatory penalty and the loss of hotel exclusivity. These headwinds are partially mitigated by robust 65% growth in international bookings, but the regulatory shift creates a tangible risk to domestic pricing power.

TCOM−0.30

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