CICC has initiated coverage on TRIP.COM-S (09961) with a "Buy" rating, setting a target price of HK$660. The report noted that the company's recent stock volatility stems from public sentiment and potential negative impacts on outbound tourism due to international political fluctuations. The institution believes short-term sentiment effects are manageable and, in the long run, the group's leading market share as an OTA is unlikely to diminish, with minimal impact on overall performance. CICC forecasts that by 2026, TRIP.COM's domestic revenue will grow by 9%, outbound revenue by 12%, and purely overseas revenue by 34%, resulting in an overall revenue growth rate of 13% and an adjusted net profit of RMB 22.58 billion. The current valuation is approximately 16.5 times, below the historical average of 18 times, suggesting a buying opportunity on dips. Looking ahead to 2026, the firm expects the company's domestic hotel business growth to continue outpacing the industry, supported by gradually stabilizing and rising domestic hotel prices and a relatively stable competitive landscape. Simultaneously, Trip.com is anticipated to drive sustained high growth in overseas operations, enabling TRIP.COM to achieve continued market share gains and profit expansion.