Trip.com is the largest online travel agent in China positioned to benefit from the country's rising demand for higher-margin outbound travel as passport penetration is only 12% in China. At the time of a 2019 rebranding, international business accounted for approximately 35 percent of the company's total revenue, with projections to rise to between 40 and 50 percent over three to five years.
Cyborg Score Rationale
Wall Street remains bullish on Trip.com with 92% of the 37 analysts covering the stock maintaining a Buy rating, with 12-month median price target reflecting more than 50% upside from current level. However, an ongoing Anti-Monopoly investigation adds near-term uncertainty, leading to lower profit estimates.
Top Insights
The number of Chinese passport holders is only about 10%-15% of the population, providing Trip.com with secular demand given low saturation.
Founded in 1999, the company owns and operates several travel fare aggregators and metasearch engines including Trip.com, Skyscanner, Ctrip, Qunar, Travix, and MakeMyTrip.
On January 13, 2026, China's State Administration for Market Regulation conducted an unannounced on-site inspection at Ctrip's headquarters in Shanghai.
Analysts maintain growth expectations for the company at 13% to 15% growth in 2026-2027 despite profit estimate adjustments.
Named Competitors
Booking.com — Global online travel agency and metasearch platform
Expedia — Global travel booking platform with multiple brands
Airbnb — Alternative accommodation and experiences platform
Fliggy — Alibaba-backed Chinese travel platform
Recent Developments
(February 2026) Q4 2025 and full year financial results scheduled for announcement on February 25-26, 2026
(January 2026) Chinese SAMR conducted unannounced on-site inspection at Ctrip headquarters amid ongoing anti-monopoly investigation
(January 2026) Bank of America lowered price target to $78 due to regulatory uncertainty, maintaining Buy rating
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