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<Research>CLSA Lowers TONGCHENGTRAVEL's TP to HKD20, Downgrades Rating to Hold
Recommend 4 Positive 12 Negative 6 |
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Citi commented in its research report that the news of TONGCHENGTRAVEL (00780.HK) acquiring Dalian Sunasia (600593.SH) has disappointed the market and sparked controversy. In CLSA's opinion, this transaction offers almost no synergies and may even drag down profits, which is believed to affect TONGCHENGTRAVEL's valuation with more questions raised on its strategic direction, capital allocation, and return on equity targets. That said, the broker remains confident in the group's competitive landscape and its core OTA profit expansion. CLSA cut its target price for TONGCHENGTRAVEL from HKD24 to HKD20 and downgraded the rating from Outperform to Hold. AAStocks Financial News |
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