On October 2, TRIP.COM-S fell 3.18% in regular trading to HK$298.2, with turnover of HK$421 million, pushing the stock close to its 52-week low of HK$299.2. The decline was driven by persistently weak domestic tourism demand, with institutions forecasting earnings pressure for the third quarter.

The broader travel sector saw a synchronized selloff, with HWORLD-S down 4.27%, Tongcheng Travel down 2.37%, and Shangri-La Asia down 1.40%. Goldman Sachs recently trimmed its earnings estimates for TRIP.COM-S by 2%-6% to reflect soft near-term domestic demand. The company's second-quarter results, released in mid-September, showed net revenue of RMB 15.66 billion, up 6% year-over-year, but a net loss of RMB 2.45 billion due to a one-time RMB 5.18 billion antitrust penalty. Excluding the fine, net profit was approximately RMB 2.7 billion. On a brighter note, international platform revenue surged over 50% year-over-year, and inbound tourism revenue maintained high double-digit growth. Multiple brokerages including Citi, Daiwa, and Jefferies have maintained buy ratings, citing attractive valuations near cyclical lows and structural tailwinds from cross-border travel expansion.

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