Trip.com: Post-SAMR Reality Shifts The Narrative To A 'Show-Me' Story; Reiterate NeutralTrip.com (Ctrip) delivered Q2 2026 results in line with guidance, with 6% y/y revenue growth and robust 50% y/y international expansion. TCOM's dismantling of its core monetization and ranking algorithms, driven by regulatory mandates, introduces heightened competition and risks to pricing power. The stock trades at a 9x forward multiple, reflecting justified caution amid regulatory uncertainty and potential domestic market share shifts.
Seeking Alpha9/17/2026Neutral