TRIP.COM-S (09961) surged over 5% again, reaching an intraday high of HK$584.5, setting a new annual high. As of press time, the stock was up 5.16% to HK$580.5, with turnover of HK$1.227 billion.

On the news front, Trip.com Group recently released its Q2 2025 results, with net revenue of RMB 14.843 billion, up 16.22% year-over-year; net profit attributable to Trip.com Group Limited reached RMB 4.846 billion, up 26.43% year-over-year.

In the second quarter, the company's international business segments continued to show strong growth momentum, with total bookings on international OTA platforms growing over 60% year-over-year; inbound tourism bookings surged over 100% year-over-year; outbound hotel and flight bookings have fully exceeded 120% of the same period in 2019 before the pandemic.

Bank of Communications International noted that the company's Q2 results exceeded expectations, with hotel business growth better than anticipated and market share continuing to expand. Rolling valuations forward to 2026, based on 20x 2026 P/E ratio, the firm raised its target price from HK$591/US$76 (TCOM US) to HK$653/US$84, maintaining a Buy rating.

The firm expects Q3 revenue to grow 15% year-over-year, with hotels up 18%, mainly driven by room night growth, as mainland China market share continues to expand.