2025-06-17-花旗集团-MakeMyTrip（MMYT）_MakeMyTrip（MMYT.O）_宣布从TCOM回购股份；可能有助于为未来印度IPO做准备_10页_328kb

报告摘要

Action Taken: MakeMyTrip (MMYT) announced a share repurchase agreement with TCOM to reduce TCOM's stake from 45.3% to below 20%, potentially paving the way for a future India IPO.
Citigroup Rating: Buy, with a target price of US$125 (up from US$100.88).
Total Funds Involved: Approximately US$3 billion, sourced from primary equity offering, convertible notes, and cash reserves.
Key Catalyst: The move may address India's restrictions on significant Chinese ownership in Indian companies.

Primary Equity Offering: Plans to sell up to 14 million shares (valued at ~US$1.4 billion based on closing price), with an option to issue 2.1 million more shares.
Convertible Debt: Issuing US$1.25 billion (plus an option for an additional US$187.5 million) of convertible senior notes maturing on July 1, 2030.
TCOM's Stake: Target reduction from 45.3% to 19.99%, diminishing TCOM's voting power and board nomination rights from 5 to 2.
Funding: Includes ~US$2.5-3 billion from equity and debt issuance, with flexibility to draw up to US$200 million from company reserves.

Expected Return: 23.9% (including buyback + dividends).
Target Price: US$125 (45x EV/Adj EBIT multiple, justifying higher growth and profitability potential).
Breakeven: The transaction does not dilute existing shareholders.

India has tightened rules on Chinese ownership in companies, making TCOM's reduced stake compliant ahead of a potential IPO.

Management had previously stated an India IPO remains an option but is not immediate. The buyback is seen as a step toward achieving IPO readiness.

Downside Risk Factors:
- Macroeconomic slowdown (discretionary spending in key segments).
- Technology disruption, regulatory risks on data protection, and airline commission changes.
- Adverse effects of value-destructive acquisitions.

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