Tongcheng Travel Holdings Ltd

00780: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HKD 88.00	Cyv	Wdhbymhc

Tongcheng Provides Encouraging Outlook on Recovery in 2023; Shares Cheap, Retain HKD 21 FVE

Kai Wang

Mar 22, 2023

We maintain our HKD 21 fair value estimate for Tongcheng Travel after it reported fourth-quarter results and provided an encouraging outlook on its recovery prospects for 2023. Based on the March 21 closing price of HKD 15.54, this implies 35% upside, which we believe is an attractive risk/reward given that China’s travel industry continues to show signs of recovery.

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