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Strategies & Market Trends : Greater China Stocks

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From: Julius Wong	8/3/2015 8:54:06 PM
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Ctrip (CTRP) Ctrip slips in spite of Q2 beat, solid guidance; Tencent offers to take eLong private Ctrip (NASDAQ: CTRP) is guiding for 45%-50% Y/Y RMB-based revenue growth. Consensus in dollars is for 43% growth. The modest size of Ctrip's Q2 sales beat could be disappointing investors, after a much bigger beat was delivered in May. Hotel (accommodation) revenue rose 47% Y/Y (volume +55%) to $178M, transportation (ticket) revenue 45% to $170M (volume +106%), packaged tour revenue 61% to $53M, and corporate travel revenue 34% to $19M. R&D spend rose 66% Y/Y to $128M, sales/marketing 42% to $109M, and G&A 34% to $42M. Gross margin was 71% vs. 70% in Q1 and 72% a year ago. Meanwhile, in tandem with its Q2 results, smaller Chinese online travel firm eLong (NASDAQ: LONG) has announced the receipt of an $18/share offer from messaging/gaming giant Tencent ( OTCPK:TCEHY) to buy all of the eLong shares not currently owned by Tencent, certain members of management, and "major shareholders" controlling at least 70% of all voting rights. Tencent owns 15% of eLong. Ctrip took a $400M stake in eLong in May. CTRP -1.7% AH to $70.25. LONG +10.1% to $15.65.

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