• CTRPLONGQUNR2015-11-16

    CTRP: Maintain BUY on Its Absolute Market Leadership Position; Expect Solid 3Q15 Results on Hotel Expansion

    Ctrip will report 3Q15 results on Wednesday, November 18, 2015 after the close of the market followed by a 7pm EST conference call. We maintain our BUY rating and our raise price target to $110.00 as CTRP has become the absolute leader of the China online travel market after its investment in eLong (LONG, $17.01, HOLD) and Qunar (QUNR, $39.95, Not Rated). Along with the booming underlying consumer traveling market, we believe CTRP can enjoy high growth for years to come. As for its upcoming 3Q15……

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  • QUNR2015-03-14

    T. H. Data Flash – Qunar Cayman Islands (QUNR) - February 2015: TSPs and Hotel Coverage Continued to Accelerate in 4Q14; Mobile Plays a Greater Role

    October 2014 – February 2015 Operation Data Highlights:Data in this report is extracted from publicly available sources and processed with our proprietary methodology.•Number of air TSPs continues to increase in 4Q14 and 1Q15 – The number of air ticket travel service providers (TSPs) on Qunar continued to increase in 4Q14. Average number of air ticket providers grew 61% Y/Y in sampled routes, or Q/Q growth of 11% in 4Q14. In January and February of 2015, the average number of air ticket provider……

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  • CTRPQUNR2014-11-25

    CTRP: Investments and Competition Could Pressure Margin; Growth of Hotel Volume and Coverage Remained Solid; Maintain BUY

    CTRP's margin could be under pressure due to investments in new initiatives and price competition in core hotel business, even though we expect at least in-line 3Q14 top line results and in-line 4Q14 guidance driven by strong volume growth, especially in hotel bookings. We maintain our Buy rating because we believe Ctrip is well positioned to capture China's travel demands. The company’s 3Q14 earnings results will be released on Tuesday, November 25, 2014 with a 7pm EST conference call. ……

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  • T. H. Data Flash – Mobile Apps for Auto Services – August 2014: Car Rental Market Might Be The Biggest X Factor

    New car: Vertical internet vendors are taking ground from portal in terms of mobile downloads with 85.8% market share - The internet automobile information and marketing services vendors can be classified into vertical websites and comprehensive portals. Measured by the number of total cumulative downloads of mobile APPs in this sector, the market share of vertical vendors increased to 85.8% in August 2014 from 77.8% at the beginning of 2014 (Figure 1). The top 3 vendors with the highest number ……

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  • CTRPLONGQUNR2014-02-19

    China Civil Aviation Airport Monthly – January 2014

    T. H. Data Flash – China Civil Aviation Airport Monthly – January 2014    Air Travel Boom Due to Earlier Spring Festival; More Airlines and Airports Are Approved to Meet Future Travel Demand INDUSTRY HIGHLIGHTSIn January, the number of aircraft movements in China is likely to grow 8.6% M/M based on our proprietary data (Figure 1). Much of the growth can be attributed to Spring Festival, which occurred earlier in the year and is traditionally one of the busiest travel holidays in China ……

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  • CTRPLONGQUNR2014-02-19

    Mobile Apps Market in China: Mobile Travel, December 2013

    T. H. Data Flash – Mobile Apps Market in China: Mobile Travel, December 2013A Market Led By Qunar and Ctrip   December 2013 Data Highlights:·  Mobile travel booking market is fragmented – The leading mobile travel sectors include travel booking (including air tickets, hotels, attractions and car rental), train, public transit (including bus and subway), travel guide (including guide, review, flight information, community and translation) and others (taxi) (Figure 2). Mobile travel book……

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  • CTRPLONGQUNR2014-02-19

    China Civil Aviation Airport Monthly – December 2013

    T. H. Data Flash – China Civil Aviation Airport Monthly – December 2013    Outbound Travel Likely to Heat Up During Spring Festival; On-Time Flight Departure Rate Improved INDUSTRY HIGHLIGHTS:In November, the number of aircraft movements in China was likely to decline 0.6% M/M based on our proprietary data (Figure 1). Looking into the future, the outbound travel demand during the upcoming Spring Festival could benefit airports with meaningful international business such as Beijing Capi……

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T.H. Capital is an independent research and investment advisory firm specializing in China. We offer real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects, from China ADRs to international names that have meaningful exposure to the China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.
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