C-Trip - China e-commerce (Seite 8)
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ISIN: US89677Q1076 · WKN: A2PUXF · Symbol: CLV
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| Wertpapier | Kurs | Perf. % |
|---|---|---|
| 12,000 | +14,29 | |
| 31,72 | +9,83 | |
| 0,6940 | +6,61 | |
| 3,3200 | +6,41 | |
| 2,4600 | +6,03 |
| Wertpapier | Kurs | Perf. % |
|---|---|---|
| 9,4600 | -10,25 | |
| 5,9000 | -10,61 | |
| 16,700 | -11,64 | |
| 401,85 | -12,93 | |
| 3,1200 | -27,44 |
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Ctrip Is Back to Underpromising and Overdelivering 1 comment
by: Dan Wieman December 15, 2009 | about: CTRP
Dan Wieman
Up until the financial crisis, long-time investors knew not to trust Ctrip’s (CTRP) management when they provided guidance of 25% growth. Inevitably, the company produced earnings and revenue growth well in excess of 25%. In its most recent quarter, Ctrip seems to have resumed its phenomenal growth. For its fiscal third quarter, the company produced net revenue growth of 47% on a year-over-year basis. Excluding the impact of the ezTravel acquisition, net revenues grew at a 40% year-over-year rate. Earnings growth was even more impressive, growing 80% on a year-over-year basis to $28 million.
In a recent post, I estimated a value for Ctrip at $66 per share assuming 25% growth for five years declining to 15% by year 10 and assuming a 10% discount rate. I hesitate to model growth higher than 25%, but obviously Ctrip is worth much more if they can sustain 40% growth. It’s amazing that after one quarter $66 per share doesn’t seem all that expensive. I’ll continue to wait for a reasonable margin of safety relative to this value.
by: Dan Wieman December 15, 2009 | about: CTRP
Dan Wieman
Up until the financial crisis, long-time investors knew not to trust Ctrip’s (CTRP) management when they provided guidance of 25% growth. Inevitably, the company produced earnings and revenue growth well in excess of 25%. In its most recent quarter, Ctrip seems to have resumed its phenomenal growth. For its fiscal third quarter, the company produced net revenue growth of 47% on a year-over-year basis. Excluding the impact of the ezTravel acquisition, net revenues grew at a 40% year-over-year rate. Earnings growth was even more impressive, growing 80% on a year-over-year basis to $28 million.
In a recent post, I estimated a value for Ctrip at $66 per share assuming 25% growth for five years declining to 15% by year 10 and assuming a 10% discount rate. I hesitate to model growth higher than 25%, but obviously Ctrip is worth much more if they can sustain 40% growth. It’s amazing that after one quarter $66 per share doesn’t seem all that expensive. I’ll continue to wait for a reasonable margin of safety relative to this value.
sieht aus, wie meine klassische Lieblingsaktie: Wachstum und wenig Kapitalbedarf:
11.11.2009 23:00
Ctrip Reports Third Quarter 2009 Financial Results
SHANGHAI, Nov. 11 /PRNewswire-Asia/ -- Ctrip.com International, Ltd. , a leading travel service provider for hotel accommodations, airline tickets and packaged tours in China, today announced its unaudited financial results for the quarter ended September 30, 2009.
Highlights for the Third Quarter of 2009 -- Net revenues were RMB545 million (US$80 million) for the third quarter of 2009, up 47% year-on-year. Excluding net revenues attributable to ezTravel, Ctrip's net revenues were RMB518 million (US$76 million) for the third quarter of 2009, up 40% year-on-year. -- Gross margin was 77% for the third quarter of 2009, remaining consistent with that in the same period in 2008. -- Income from operations was RMB199 million (US$29 million) for the third quarter of 2009, up 87% year-on-year. Excluding share-based compensation charges (non-GAAP), income from operations was RMB226 million (US$33 million), up 64% year-on-year. -- Operating margin was 37% in the third quarter of 2009, compared to 29% in the third quarter of 2008. Excluding share-based compensation charges (non-GAAP), operating margin was 41%, compared to 37% with the same period in 2008. -- Net income attributable to Ctrip's shareholders was RMB189 million (US$28 million) in the third quarter of 2009, up 80% year-on-year. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip's shareholders was RMB215 million (US$32 million), up 59% year-on-year. -- Diluted earnings per ADS were RMB2.65 (US$0.39). Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB3.03 (US$0.44). -- Share-based compensation charges were RMB27 million (US$4 million), accounting for 5% of the net revenues, or RMB0.38 (US$0.06) per ADS, for the third quarter of 2009.
"We are pleased that our team delivered solid results in the third quarter of 2009," said Min Fan, Chief Executive Officer of Ctrip, "As we celebrate Ctrip's 10th anniversary of establishment, we want to take this opportunity to thank our customers, our partners and our employees for their supports through the years. In order to extend our leadership in the future, we will continuously focus on strengthening our core competitiveness in customer service, technology innovation, and sales and marketing. We believe we are well prepared for the new era to come."
Third Quarter 2009 Financial Results
For the third quarter of 2009, Ctrip reported total revenues of RMB583 million (US$85 million), representing a 47% increase from the same period in 2008 and a 15% increase from the previous quarter.
Hotel reservation revenues amounted to RMB262 million (US$38 million) for the third quarter of 2009, representing a 41% increase year-on-year, and a 16% increase quarter-on-quarter. Excluding revenues attributable to ezTravel, Ctrip's hotel reservation revenues were RMB257 million (US$38 million), representing a 38% increase year-on-year, primarily driven by a 47% increase in hotel reservation volume, which was partially offset by a decrease in commission per room. Excluding revenues attributable to ezTravel, Ctrip's hotel reservation revenues increased by 15% quarter-on-quarter, primarily driven by an increase in hotel room reservation volume.
Air-ticketing revenues for the third quarter of 2009 were RMB241 million (US$35 million), representing a 45% increase year-on-year, and an 8% increase quarter-on-quarter. Excluding revenues attributable to ezTravel, Ctrip's air-ticketing revenues were RMB234 million (US$34 million) for the third quarter of 2009, representing a 40% increase year-on-year, and 9% quarter-on-quarter, primarily driven by an increase in air-ticketing sales volume.
Packaged-tour revenues for the third quarter of 2009 were RMB55 million (US$8 million), representing a 93% increase year-on-year, and a 53% increase quarter-on-quarter. Excluding revenues attributable to ezTravel, Ctrip's packaged-tour revenues for the third quarter of 2009 increased by 53% year-on-year, and 61% quarter-on-quarter, due to the increase in the leisure travel volume.
For the third quarter of 2009, net revenues were RMB545 million (US$80 million), a 47% increase from the same period in 2008 and a 15% increase from the previous quarter. Excluding net revenues attributable to ezTravel, net revenues were RMB518 million (US$76 million), a 40% increase from the same period in 2008 and a 14% increase from the previous quarter.
Gross margin was 77% in the third quarter of 2009, remaining consistent with that in the same period in 2008 and in the previous quarter.
Product development expenses for the third quarter of 2009 increased by 32% to RMB81 million (US$12 million) from the same period in 2008, and by 6% from the previous quarter, primarily due to the increase in the number of product development personnel. Excluding share-based compensation charges (non-GAAP), product development expenses accounted for 14% of the net revenues, remaining consistent with that in the same period of last year and in the previous quarter.
Sales and marketing expenses for the third quarter of 2009 increased by 32% to RMB94 million (US$14 million) from the same period in 2008 and by 13% from the previous quarter primarily due to the increase in sales and marketing activities and the number of personnel. Excluding share-based compensation charges (non-GAAP), sales and marketing expenses accounted for 17% of the net revenues, compared to 18% in the same period last year and remained consistent with that in the previous quarter.
General and administrative expenses for the third quarter of 2009 increased by 5% to RMB47 million (US$7 million) from the same period in 2008 and 4% from the previous quarter primarily due to the increase in the number of personnel. Excluding share-based compensation charges (non-GAAP), general and administrative expenses accounted for 6% of the net revenues, compared to 7% in the same period last year and remained consistent with that in the previous quarter.
Income from operations for the third quarter of 2009 was RMB199 million (US$29 million), representing an 87% increase from the same period in 2008 and a 22% increase from the previous quarter. Excluding share-based compensation charges (non-GAAP), income from operations was RMB226 million (US$33 million), representing a 64% increase from the third quarter in 2008 and a 19% increase from the previous quarter.
Operating margin was 37% in the third quarter of 2009, compared to 29% in the third quarter of 2008 and 34% in the previous quarter. Excluding share-based compensation charges (non-GAAP), operating margin was 41% in the third quarter of 2009, compared to 37% in the third quarter of 2008, and 40% in the previous quarter.
Net income attributable to Ctrip's shareholders for the third quarter of 2009 was RMB189 million (US$28 million), representing an 80% increase from the same period in 2008, and a 19% increase from the previous quarter. Net income attributable to Ctrip's shareholders for the current quarter includes equity income of RMB12 million (US$2 million) from our investment in Home Inns. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip's shareholders was RMB215 million (US$32 million), representing a 59% increase from the same period in 2008, and a 16% increase from the previous quarter.
The effective tax rate for the third quarter of 2009 decreased to 13% from the same period of 2008 and the previous quarter primarily due to the preferential tax treatment to certain of Ctrip's PRC subsidiaries.
Diluted earnings per ADS were RMB2.65 (US$0.39) for the third quarter of 2009. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB3.03 (US$0.44).
As of September 30, 2009, the balance of cash and short-term investment was RMB1.4 billion (US$207 million).
Business Outlook
For the fourth quarter of 2009, Ctrip expects a year-on-year net revenue growth rate of approximately 25-30%. This forecast reflects Ctrip's current and preliminary view, which is subject to change.
Conference Call
Ctrip's management team will host a conference call at 8:00PM US Eastern Time on November 11, 2009 (or 9:00AM on November 12, 2009 in the Shanghai/HK time zone) following the announcement.
The conference call will be available on Webcast live and replay at: http://ir.ctrip.com/ . The call will be archived for one month at this website.
11.11.2009 23:00
Ctrip Reports Third Quarter 2009 Financial Results
SHANGHAI, Nov. 11 /PRNewswire-Asia/ -- Ctrip.com International, Ltd. , a leading travel service provider for hotel accommodations, airline tickets and packaged tours in China, today announced its unaudited financial results for the quarter ended September 30, 2009.
Highlights for the Third Quarter of 2009 -- Net revenues were RMB545 million (US$80 million) for the third quarter of 2009, up 47% year-on-year. Excluding net revenues attributable to ezTravel, Ctrip's net revenues were RMB518 million (US$76 million) for the third quarter of 2009, up 40% year-on-year. -- Gross margin was 77% for the third quarter of 2009, remaining consistent with that in the same period in 2008. -- Income from operations was RMB199 million (US$29 million) for the third quarter of 2009, up 87% year-on-year. Excluding share-based compensation charges (non-GAAP), income from operations was RMB226 million (US$33 million), up 64% year-on-year. -- Operating margin was 37% in the third quarter of 2009, compared to 29% in the third quarter of 2008. Excluding share-based compensation charges (non-GAAP), operating margin was 41%, compared to 37% with the same period in 2008. -- Net income attributable to Ctrip's shareholders was RMB189 million (US$28 million) in the third quarter of 2009, up 80% year-on-year. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip's shareholders was RMB215 million (US$32 million), up 59% year-on-year. -- Diluted earnings per ADS were RMB2.65 (US$0.39). Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB3.03 (US$0.44). -- Share-based compensation charges were RMB27 million (US$4 million), accounting for 5% of the net revenues, or RMB0.38 (US$0.06) per ADS, for the third quarter of 2009.
"We are pleased that our team delivered solid results in the third quarter of 2009," said Min Fan, Chief Executive Officer of Ctrip, "As we celebrate Ctrip's 10th anniversary of establishment, we want to take this opportunity to thank our customers, our partners and our employees for their supports through the years. In order to extend our leadership in the future, we will continuously focus on strengthening our core competitiveness in customer service, technology innovation, and sales and marketing. We believe we are well prepared for the new era to come."
Third Quarter 2009 Financial Results
For the third quarter of 2009, Ctrip reported total revenues of RMB583 million (US$85 million), representing a 47% increase from the same period in 2008 and a 15% increase from the previous quarter.
Hotel reservation revenues amounted to RMB262 million (US$38 million) for the third quarter of 2009, representing a 41% increase year-on-year, and a 16% increase quarter-on-quarter. Excluding revenues attributable to ezTravel, Ctrip's hotel reservation revenues were RMB257 million (US$38 million), representing a 38% increase year-on-year, primarily driven by a 47% increase in hotel reservation volume, which was partially offset by a decrease in commission per room. Excluding revenues attributable to ezTravel, Ctrip's hotel reservation revenues increased by 15% quarter-on-quarter, primarily driven by an increase in hotel room reservation volume.
Air-ticketing revenues for the third quarter of 2009 were RMB241 million (US$35 million), representing a 45% increase year-on-year, and an 8% increase quarter-on-quarter. Excluding revenues attributable to ezTravel, Ctrip's air-ticketing revenues were RMB234 million (US$34 million) for the third quarter of 2009, representing a 40% increase year-on-year, and 9% quarter-on-quarter, primarily driven by an increase in air-ticketing sales volume.
Packaged-tour revenues for the third quarter of 2009 were RMB55 million (US$8 million), representing a 93% increase year-on-year, and a 53% increase quarter-on-quarter. Excluding revenues attributable to ezTravel, Ctrip's packaged-tour revenues for the third quarter of 2009 increased by 53% year-on-year, and 61% quarter-on-quarter, due to the increase in the leisure travel volume.
For the third quarter of 2009, net revenues were RMB545 million (US$80 million), a 47% increase from the same period in 2008 and a 15% increase from the previous quarter. Excluding net revenues attributable to ezTravel, net revenues were RMB518 million (US$76 million), a 40% increase from the same period in 2008 and a 14% increase from the previous quarter.
Gross margin was 77% in the third quarter of 2009, remaining consistent with that in the same period in 2008 and in the previous quarter.
Product development expenses for the third quarter of 2009 increased by 32% to RMB81 million (US$12 million) from the same period in 2008, and by 6% from the previous quarter, primarily due to the increase in the number of product development personnel. Excluding share-based compensation charges (non-GAAP), product development expenses accounted for 14% of the net revenues, remaining consistent with that in the same period of last year and in the previous quarter.
Sales and marketing expenses for the third quarter of 2009 increased by 32% to RMB94 million (US$14 million) from the same period in 2008 and by 13% from the previous quarter primarily due to the increase in sales and marketing activities and the number of personnel. Excluding share-based compensation charges (non-GAAP), sales and marketing expenses accounted for 17% of the net revenues, compared to 18% in the same period last year and remained consistent with that in the previous quarter.
General and administrative expenses for the third quarter of 2009 increased by 5% to RMB47 million (US$7 million) from the same period in 2008 and 4% from the previous quarter primarily due to the increase in the number of personnel. Excluding share-based compensation charges (non-GAAP), general and administrative expenses accounted for 6% of the net revenues, compared to 7% in the same period last year and remained consistent with that in the previous quarter.
Income from operations for the third quarter of 2009 was RMB199 million (US$29 million), representing an 87% increase from the same period in 2008 and a 22% increase from the previous quarter. Excluding share-based compensation charges (non-GAAP), income from operations was RMB226 million (US$33 million), representing a 64% increase from the third quarter in 2008 and a 19% increase from the previous quarter.
Operating margin was 37% in the third quarter of 2009, compared to 29% in the third quarter of 2008 and 34% in the previous quarter. Excluding share-based compensation charges (non-GAAP), operating margin was 41% in the third quarter of 2009, compared to 37% in the third quarter of 2008, and 40% in the previous quarter.
Net income attributable to Ctrip's shareholders for the third quarter of 2009 was RMB189 million (US$28 million), representing an 80% increase from the same period in 2008, and a 19% increase from the previous quarter. Net income attributable to Ctrip's shareholders for the current quarter includes equity income of RMB12 million (US$2 million) from our investment in Home Inns. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip's shareholders was RMB215 million (US$32 million), representing a 59% increase from the same period in 2008, and a 16% increase from the previous quarter.
The effective tax rate for the third quarter of 2009 decreased to 13% from the same period of 2008 and the previous quarter primarily due to the preferential tax treatment to certain of Ctrip's PRC subsidiaries.
Diluted earnings per ADS were RMB2.65 (US$0.39) for the third quarter of 2009. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB3.03 (US$0.44).
As of September 30, 2009, the balance of cash and short-term investment was RMB1.4 billion (US$207 million).
Business Outlook
For the fourth quarter of 2009, Ctrip expects a year-on-year net revenue growth rate of approximately 25-30%. This forecast reflects Ctrip's current and preliminary view, which is subject to change.
Conference Call
Ctrip's management team will host a conference call at 8:00PM US Eastern Time on November 11, 2009 (or 9:00AM on November 12, 2009 in the Shanghai/HK time zone) following the announcement.
The conference call will be available on Webcast live and replay at: http://ir.ctrip.com/ . The call will be archived for one month at this website.
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