2025-06-17-Jefferies-携程（TCOM）_MakeMyTrip投资最新情况_7页_101kb

Company Overview: Trip.com Group (TCOM) is an internet travel agency providing services like mobile app bookings, hotel/flights ticketing, and package tours. Its stock trades at $60.45 with a Buy rating from Jefferies, based on a price target of $80.00, indicating a 32% upside.

Investment Update: TCOM entered a share repurchase agreement with MakeMyTrip, selling shares for $60.45 to cancel them. This allows TCOM to monetize its investment while maintaining its role as the largest minority shareholder. Post-transaction, TCOM's holdings in MakeMyTrip are expected to drop to around 20%. The proceeds from this sale are projected to be used for overseas operations, debt repayment, and potential share buybacks.

Valuation: Jefferies assigns a Buy rating, driven by a discounted cash flow (DCF) model and expectation of enhanced shareholder returns. Key risks include prolonged macroeconomic headwinds affecting outlook, higher marketing expenses in lower-tier cities for hotels, and intense competition in overseas markets with global players.