C-Trip - China e-commerce - 500 Beiträge pro Seite

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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.

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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.

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Ctrip: Priced Beyond Reason 1 comment
by: Danny Furman January 04, 2010 | about: CTRP
Danny Furman

China's equivalent of Priceline.com (PCLN), Ctrip.com (CTRP), is the PRC's leading online travel agent and operates with almost erotic profit margins. The Company's record quarter, thus far, was during the 2008 Beijing Summer Olympics (Q4 FY2008), with $100M in revenue and $32M in net income. Through the first TWO quarters of 2009, CTRP has booked $128M in sales and earnings of $41M. Even with two quarters each matching last year's record quarter to finish this year (arguable, given China's stimulus spending however unlikely, given reality), CTRP earns about $1.50/share and trades at a P/E of 50 and a P/S near 15.

Given the current valuation, it appears that investors are pricing in a delusion that CTRP does not have significant competition in China and will continue to grow unhindered. Despite beating analyst earnings estimates, margins have dropped thus far in 2009 due to lowered ticket prices. Leading airline CEA sells discounted tickets through Taobao.com (ALBCF.PK) and direct competitors eLong (LONG), Travelsky (TSYHF.PK) and Universal Travel (UTA) are all profitable and growing.

"Middlemen companies" in China (such as travel agencies) will never make the kind of money American ones have. A higher savings rate and better education in math make Chinese consumers more prone to shop wisely. My point in this case is that Chinese people currently don't fly (or take cruises...) as much as Americans (if at all), making what has CTRP so highly valued ($5B or 25x 2008 sales, which included The Olympics!) some parabolic expected future growth. If the Chinese consumer is going to use CTRP more, he is going to need to see value there. Since he has never even flown before, he will not care how much retail prices are for air-travel and simply find the best deal for what he wants, absent of any prior loyalty.

While CTRP was first to the party, there are now other well-equipped players to take advantage of the young travel market in China. Chinese airlines, which didn't have the same pre-internet glory days American ones did, are generally new and modeled to grow in today's economy. In turn, they will price tickets and work with other sellers in a way that maximizes profits in today's economic environment, whereas American airlines (not just AA) have shot themselves in the foot time and time again by trying to maintain excessive retail premiums.

Early investors in CTRP have already been paid handsomely and momentum has carried the stock to unreasonable levels.

My estimated fair value for CTRP is 35X 2009 earnings which, at a more realistic $1.30/share, makes the $72 stock overvalued by about $22/share.

Disclosure: Author holds a short position in CTRP

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08.01.2010 11:01
Ctrip.com Announces ADS Ratio Change

SHANGHAI, Jan. 8 /PRNewswire-Asia/ -- Ctrip.com International, Ltd. , a leading travel service provider for hotel accommodations, airline tickets and packaged tours in China, today announced that it will change the ratio of its American depositary shares ("ADSs") to ordinary shares from two (2) ADSs representing one (1) ordinary share to four (4) ADSs representing one (1) ordinary share, effective on January 20, 2010.

Ctrip's ADS holders as of January 19, 2010 will receive one additional ADS for every one ADS held at the close of business on January 20, 2010. The effect on the ADS price will take place on January 21, 2010.

For Ctrip's ADS holders, this ratio change will have the same effect as a two-for-one ADS split. There will be no change to Ctrip's underlying ordinary shares. Furthermore, no action is required by ADS holders to effect the ratio change.

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Why I'm Short Ctrip
by: Danny Furman January 24, 2010 | about: CTRP / QCOM / PCLN / CEA / ALBCF.PK / SOHU / SNDA / LONG
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I recently wrote a brief explanation of why I believe Ctrip.com (CTRP) is significantly overpriced, citing most importantly the herd mentality of investors from the United States and Europe who had pushed the company's market cap to over $5B, 20X sales and 55X earnings. This enormous herd obviously saw parallels between CTRP and Priceline.com (PCLN), which dominates the market it created for discounted travel in the US.

CTRP does provide the same services as PCLN, however it is an entirely different business. China's travel industry is a baby and consumers make purchases at Ctrip.com because it's the only way they know how. American consumers accept Priceline.com as the cheapest way to travel, which it often is, and happily purchase there what they remember paying much more for in the past. Basically, CTRP is a retailer in a new industry and PCLN is a discounter in an established one.

Contrary to what investors seem to expect, CTRP faces broad and significant competition. Chinese airlines even sell tickets directly through discounted online services, as China Eastern Air (CEA) does through Taobao.com (ALBCF.PK). Publicly traded CTRP competitors Sohu.com (SOHU), Shanda (SNDA), eLong (LONG), Baoshinn (BHNN.OB), UTA and TravelSky (TSYHF.PK) are all growing (mostly faster than CTRP) and profitable. SOHU and SNDA both operate leading Chinese search engines and recently announced plans to spin off their travel businesses, so I'm not familiar with their market share or operations specifically in this sector. Ultimately, China's travel market is a new one, almost exclusively on line, extremely competitive and likely to see decreased margins as it saturates.

While many stocks have lost some ground in the last week, CTRP is now over 15% off its January peak, largely thanks to a 6% Thursday sell-off immediately following a 2-for-1 split. Some analysts called the split a bullish event and Piper Jaffray upped their target price to $81 (pre-split) a week ago, but this is a case in which the contrarian in me has too much ammo to listen to the cheerleading at all.

Having graduated from La Jolla High School in 2001, I first heard about stock splits as my first economics teacher, family friends and the like explained how investing $5K in local Qualcomm (QCOM) or another internet company made them fit for retirement (before the bubble burst). Similarly, CTRP has had two magnificent runs, trippling from 2006 to 2007 and again in 2009, earning the stock a "Qualcomm in Y2K-esque" valuation. All else aside, the recent appreciation in CTRP paired with a 2-for-1 split appears bullish for the stock and has likely convinced many to open new long positions. Still, it is the only individual stock in which I hold a short position.

My explanation for the CTRP split is simple. The intent is to attract less educated investors to the table and for institutional investors to dump their 10 figure stakes on the public bit by bit before gravity takes hold of the stock. PCLN shares trade for $200+, so a $75 price tag on shares of CTRP was doubtfully affecting institutional or experienced investor sentiment in the slightest.

Making CTRP trade in the $30s puts it on a lot of people's radars and here's why: Newbies think a lower share price means more upside and there are always newbies cluelessly buying China. Inexperienced investors will convince themselves (as I would have a year ago) that CTRP has upside potential similar to other Chinese stocks in the $20-$40/share price range, despite a market cap of 10 times or more and a valuation that implies growth consistent with years the company had much less competition and higher margins.

Additionally, the increased Piper Jaffray target price for CTRP was less than 10% above the market price at the time, indicating that analysts there are "bluffing with a weak hand" and afraid to provide a target that sounds unrealistic. Insiders have sold multi-million dollar stakes in recent months and institutions have done about twice as much selling as buying in the last month, suggesting the stock has run farther than many knowledgeable folks see as reasonable.

I am not necessarily suggesting shorting CTRP at Friday's price ($32.65), although I believe the stock is still overvalued by 20% or more. If, however, anyone is thinking about buying CTRP, consider yourself warned.

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02.02.2010 23:01
Ctrip Reports Fourth Quarter and Full Year 2009 Financial Results



SHANGHAI, Feb. 2 /PRNewswire-Asia/ -- Ctrip.com International, Ltd. , a leading travel service provider for hotel accommodations, airline tickets and packaged tours in China, today on February 3, 2010, China time, announced its unaudited financial results for the fourth quarter and the full year ended December 31, 2009.

Highlights for the Fourth Quarter of 2009 -- Net revenues were RMB566 million (US$83 million) for the fourth quarter of 2009, up 43% year-on-year. Excluding net revenues attributable to ezTravel, Ctrip's net revenues were RMB546 million (US$80 million) for the fourth quarter of 2009, up 38% year-on-year. -- Gross margin was 77% for the fourth quarter of 2009, remaining consistent with that in the same period in 2008. -- Income from operations was RMB189 million (US$28 million) for the fourth quarter of 2009, up 62% year-on-year. Excluding share-based compensation charges (non-GAAP), income from operations was RMB239 million (US$35 million), up 60% year-on-year. -- Operating margin was 33% in the fourth quarter of 2009, compared to 30% during the same period in 2008. Excluding share-based compensation charges (non-GAAP), operating margin was 42%, compared to 38% during the same period in 2008. -- Net income attributable to Ctrip's shareholders was RMB190 million (US$28 million) in the fourth quarter of 2009, up 57% year-on-year. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip's shareholders was RMB240 million (US$35 million), up 56% year-on-year. -- Diluted earnings per ADS were RMB1.32 (US$0.19). Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB1.66 (US$0.24). -- Share-based compensation charges were RMB50 million (US$7 million), accounting for 9% of the net revenues, or RMB0.34 (US$0.05) per ADS for the fourth quarter of 2009. Highlights for the full year 2009 -- Net revenues were RMB2.0 billion (US$291 million) in 2009, up 34% from 2008. Excluding net revenues attributable to ezTravel, net revenues were RMB1.9 billion (US$281 million) for the full year 2009, representing an increase of 29% from 2008. -- Gross margin was 77% in 2009, compared to 78% in 2008. -- Income from operations was RMB687 million (US$101 million) in 2009, up 49% from 2008. Excluding share-based compensation charges (non-GAAP), income from operations was RMB818 million (US$120 million) in 2009, up 39% from 2008. -- Operating margin was 35% in 2009, compared to 31% in 2008. Excluding share-based compensation charges (non-GAAP), operating margin was 41%, compared to 40% in 2008. -- Net income attributable to Ctrip's shareholders was RMB659 million (US$97 million) in 2009, up 48% from 2008. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip's shareholders was RMB790 million (US$116 million), up 38% from 2008. -- Diluted earnings per ADS were RMB4.67 (US$0.68) in 2009, compared to RMB3.23 (US$0.47) in 2008. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB5.60 (US$0.82), compared to RMB4.16 (US$0.61) in 2008. -- Share-based compensation charges were RMB131 million (US$19 million), accounting for 7% of the net revenues, or RMB0.93 (US$0.14) per ADS in 2009.

"Year 2009 was a year of challenges and opportunities. We continued to increase our market share, strengthen our vendor relationships, and enhance our customer service," said Min Fan, President and Chief Executive Officer of Ctrip. "With the increasing travel demand in China, Ctrip is committed to working diligently to capture the opportunities ahead of us."

Recent Developments

Change of Ratio of ADS to Ordinary Shares

Effective on January 21, 2010, Ctrip changed the ratio of its ADSs to ordinary shares from two ADSs representing one ordinary share to four ADSs representing one ordinary share. For Ctrip's ADS holders, this ratio change had the same effect as a two-for-one ADS split.

Investment in the Travel Service Segment of Wing On Travel

In early February 2010, Ctrip's wholly owned subsidiary, C-Travel International Limited, entered into an agreement with Wing On Travel (Holdings) Limited, whereby C-Travel agrees to invest in and Wing On Travel agrees to sell to C-Travel, 90% of the issued share capital of Wing On Travel's travel service segment (operated through Wing On Travel's subsidiary, HKWOT (BVI) Limited), for a total consideration of approximately US$88 million (or HK$684 million) in cash. The closing of the transaction is subject to certain conditions, including approval by shareholders of Wing On Travel.

Headquartered in Hong Kong, Wing On Travel primarily operates in Hong Kong and engages in tour packages, airline ticketing, hotel reservation and inbound and outbound travel operations. Wing On Travel operates approximately 20 branches, along with a call center and the website http://www.wingontravel.com/ to service travelers. Wing On Travel is one of the most recognized travel brands in Hong Kong and was awarded as the "Best Travel Agency in Hong Kong" for four consecutive years since 2006. With more than 45 years in business, Wing On Travel has successfully built up a large base of loyal customers and a seasoned management team in the leisure travel market.

Through this investment, Ctrip will significantly increase its presence in Hong Kong, in addition to Mainland China and Taiwan. With Hong Kong becoming one of the most popular destinations and international travel hubs for Chinese travelers, Ctrip is able to establish a strategic position in Asia. This investment will enable Ctrip to offer more comprehensive products and elevated services to domestic, outbound and inbound travelers. Ctrip's leading market position in the travel services industry in Mainland China combined with Wing On Travel's solid track record in the leisure travel market will bring an innovative platform to service the increasing number of business and leisure travelers in the Greater China area.

James Liang, Chairman of the board of Ctrip, said, "We are pleased to enter into this transaction with Wing On Travel. Together, we will leverage Ctrip's cutting-edge technology and Wing On Travel's extensive expertise in leisure travel to bring our product offerings and services to a new level. Through this alliance, Ctrip is well positioned in the Greater China area to meet travelers' onshore and offshore travel needs. This transaction will become an important milestone in Ctrip's history."

Fourth Quarter and Full Year 2009 Financial Results

For the fourth quarter of 2009, Ctrip reported total revenues of RMB603 million (US$88 million), representing a 43% increase from the same period in 2008 and a 3% increase from the previous quarter in 2009.

For the full year ended December 31, 2009, total revenues were RMB2.1 billion (US$311 million), representing a 34% increase from 2008.

Hotel reservation revenues amounted to RMB279 million (US$41 million) for the fourth quarter of 2009, representing a 33% increase year-on-year, and a 7% increase quarter-on-quarter. Excluding revenues attributable to ezTravel, Ctrip's hotel reservation revenues were RMB275 million (US$40 million), representing a 31% increase year-on-year, primarily driven by the increase in hotel reservation volume. Excluding revenues attributable to ezTravel, Ctrip's hotel reservation revenues increased by 7% quarter-on-quarter, primarily driven by the increase in the commission per hotel room.

For the full year ended December 31, 2009, hotel reservation revenues were RMB956 million (US$140 million), representing a 25% increase from 2008. Excluding revenues attributable to ezTravel, Ctrip's hotel reservation revenues were RMB942 million (US$138 million) for the full year 2009, representing a 23% increase from 2008. The hotel reservation revenues accounted for 45% of the total revenues in 2009, compared to 48% in 2008.

Air ticket booking revenues for the fourth quarter of 2009 were RMB240 million (US$35 million), representing a 45% increase year-on-year, and remaining consistent with those in the previous quarter. Excluding revenues attributable to ezTravel, Ctrip's air-ticketing revenues were RMB233 million (US$34 million) for the fourth quarter of 2009, representing a 41% increase year-on-year, primarily driven by a 33% increase in air ticketing sales volume, and a 6% increase in commission per ticket year-on-year. Excluding revenues attributable to ezTravel, Ctrip's air-ticketing revenues remained consistent with those in the previous quarter.

For the full year ended December 31, 2009, air ticket booking revenues were RMB888 million (US$130 million), representing a 35% increase from 2008. Excluding revenues attributable to ezTravel, Ctrip's air ticket booking revenues were RMB866 million (US$127 million), representing a 31% increase from 2008. The air ticket booking revenues accounted for 42% of the total revenues in 2009, remaining consistent with those in 2008.

Packaged-tour revenues for the fourth quarter of 2009 were RMB49 million (US$7 million), representing a 62% increase year-on-year, and an 11% decrease quarter-on-quarter. Excluding revenues attributable to ezTravel, Ctrip's packaged-tour revenues were RMB 41 million (US$6 million), representing a 36% increase year-on-year due to the increase of leisure travel volume, and a 5% decrease quarter-on-quarter due to the decreased volume caused by seasonality.

For the full year ended December 31, 2009, packaged tour revenues were RMB177 million (US$26 million), representing a 62% increase from 2008. Excluding revenues attributable to ezTravel, Ctrip's packaged-tour revenues were RMB 149 million (US$22 million), representing an increase of 37% year-on-year. The packaged tour revenues accounted for 8% of the total revenues in 2009, compared to 7% in 2008.

For the fourth quarter of 2009, net revenues were RMB566 million (US$83 million), representing a 43% increase from the same period in 2008 and a 4% increase from the previous quarter. Excluding net revenues attributable to ezTravel, net revenues were RMB546 million (US$80 million), representing an increase of 38% from the same period in 2008 and a 5% increase from the previous quarter.

For the full year ended December 31, 2009, net revenues were RMB2.0 billion (US$291 million), representing a 34% increase from 2008. Excluding net revenues attributable to ezTravel, net revenues were RMB1.9 billion (US$281 million) for the full year 2009, representing an increase of 29% from 2008.

Gross margin was 77% in the fourth quarter of 2009, remaining consistent with that in the same period in 2008 and that in the previous quarter.

For the full year ended December 31, 2009, gross margin was 77%, compared to 78% in 2008.

Product development expenses for the fourth quarter of 2009 increased by 37% to RMB88 million (US$13 million) from the same period in 2008 and increased by 9% compared to the previous quarter, primarily due to an increase of product development personnel and share-based compensation charges. Excluding share-based compensation charges (non-GAAP), product development expenses accounted for 13% of the net revenues, compared to 14% in the same period last year and in the previous quarter.

For the full year ended December 31, 2009, product development expenses were RMB308 million (US$45 million), representing an increase of 31% from 2008. Excluding share-based compensation charges (non-GAAP), product development expenses accounted for 14% of the net revenues, remaining consistent with those in 2008.

Sales and marketing expenses for the fourth quarter of 2009 increased by 20% to RMB98 million (US$14 million) from the same period in 2008 and 4% from the previous quarter, primarily due to the increase of marketing related activities. Excluding share-based compensation charges (non-GAAP), sales and marketing expenses accounted for 16% of the net revenues, decreasing from 19% in the same period last year and 17% in the previous quarter.

For the full year ended December 31, 2009, sales and marketing expenses were RMB345 million (US$51 million), representing an increase of 20% from 2008. Excluding share-based compensation charges (non-GAAP), sales and marketing expenses accounted for 16% of the net revenues, decreasing from 18% in 2008.

General and administrative expenses for the fourth quarter of 2009 increased by 51% to RMB62 million (US$9 million) from the same period in 2008 and 32% from the previous quarter, primarily due to an increase of administrative personnel and share-based compensation charges. Excluding share-based compensation charges (non-GAAP), general and administrative expenses accounted for 6% of the net revenues, remaining consistent with those in the same period in 2008 and in the previous quarter.

For the full year ended December 31, 2009, general and administrative expenses were RMB196 million (US$29 million), representing a 14% increase from 2008. Excluding share-based compensation charges (non-GAAP), general and administrative expenses accounted for 6% of the net revenues, remaining consistent with those in 2008.

Income from operations for the fourth quarter of 2009 was RMB189 million (US$28 million), representing an increase of 62% from the same period in 2008 and a decrease of 5% from the previous quarter. Excluding share-based compensation charges (non-GAAP), income from operations was RMB239 million (US$35 million), increasing by 60% from the same period in 2008 and by 6% from the previous quarter.

For the full year ended December 31, 2009, income from operations was RMB687 million (US$101 million), representing an increase of 49% from 2008. Excluding share-based compensation charges (non-GAAP), income from operations was RMB818 million (US$120 million), increasing by 39% from 2008.

Operating margin was 33% in the fourth quarter of 2009, compared to 30% in the fourth quarter of 2008 and 37% in the previous quarter. Excluding share-based compensation charges (non-GAAP), operating margin was 42%, compared to 38% in the fourth quarter of 2008 and 41% in the previous quarter.

For the full year ended December 31, 2009, operating margin was 35%, compared to 31% in 2008. Excluding share-based compensation charges (non-GAAP), operating margin was 41%, compared to 40% in 2008.

Net income attributable to Ctrip's shareholders for the fourth quarter of 2009 was RMB190 million (US$28 million), representing a 57% increase from the same period in 2008, and a 1% increase from the previous quarter. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip's shareholders was RMB240 million (US$35 million), representing an increase of 56% from the same period in 2008, and an increase of 11% from the previous quarter.

For the full year ended December 31, 2009, net income attributable to Ctrip's shareholders was RMB659 million (US$97 million), representing an increase of 48% from 2008. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip's shareholders was RMB790 million (US$116 million), representing an increase of 38% from 2008.

The effective tax rate for the fourth quarter of 2009 was 20%, increased from 2% in the same period of 2008, primarily because in the fourth quarter of 2008, the preferential tax rate of 15% was retroactively applied to certain PRC subsidiaries of Ctrip, which obtained approval for the High and New Technology Enterprise ("HNTE") status, from January 1, 2008. The effective tax rate for the fourth quarter of 2009 increased from 13% in the previous quarter, primarily due to the increase in the amount of non tax-deductible share-based compensation as a percentage to our income as a whole.

The effective tax rate for the full year ended December 31, 2009 was 17%, compared to 19% in 2008, primarily due to the decrease in the amount of non tax-deductible share-based compensation as a percentage to our income as a whole.

Diluted earnings per ADS were RMB1.32 (US$0.19) for the fourth quarter of 2009. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB1.66 (US$0.24).

For the full year ended December 31, 2009, diluted earnings per ADS were RMB4.67 (US$0.68), compared to RMB3.23 (US$0.47) in 2008. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB5.60 (US$0.82), compared to RMB4.16 (US$0.61) in 2008.

As of December 31, 2009, the balance of cash, restricted cash and short-term investment was RMB1.7 billion (US$253 million).

Business Outlook

For the first quarter of 2010, the Company expects to continue the year-on-year net revenue growth at a rate of approximately 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 U.S. Eastern Time on February 2, 2010 (or 9:00AM on February 3, 2010 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 1 month at this website.

The dial-in details for the live conference call: U.S. Toll Free Number +1.888.679.8034, International dial-in number +1.617.213.4847, Passcode 72400835. For pre-registration, please click: https://www.theconferencingservice.com/prereg/key.process?ke… .

A telephone replay of the call will be available after the conclusion of the conference call through February 10, 2010. The dial-in details for the replay: U.S. Toll Free Number +1.888.286.8010, International dial-in number +1.617.801.6888; Passcode 36344086.

[R-BgO]

* March 2, 2010, 7:19 PM ET

Ctrip.com Files For Offering Of 5.7 Million ADSs; Stock Falls

By Eric Savitz

Ctrip (CTRP) this afternoon said it filed with the SEC to sell 5.7 million American depositary shares, each representing 0.25 ordinary shares. Goldman Sachs is managing the deal.

Proceeds will be used for strategic acquisitions and investments in complementary businesses, and for other general corporate purposes.

CTRP in late trading is down $1.13, or 3%, to $36.80; in the regular session, CTRP fell $1.14, or 2.9%, to $37.93.

[R-BgO]

13.03.2010 00:33
Ctrip Announces Signing of Definitive Agreements for Acquiring Minority Stakes in Two Hotel Operating Companies


SHANGHAI, March 12 /PRNewswire-Asia/ -- Ctrip.com International, Ltd. ("Ctrip"), a leading travel service provider for hotel accommodations, airline tickets and packaged tours in China, announced today that it has entered into definitive agreements to acquire minority stakes in two hotel operating companies. Through two separate transactions, Ctrip will acquire minority stakes in each of China Lodging Group, Limited and BTG-Jianguo Hotels&Resorts Co., Ltd.

Investment in China Lodging Group, Limited

Today, Ctrip entered into definitive agreements with China Lodging Group, or China Lodging, Limited and certain shareholders of China Lodging, pursuant to which, Ctrip will subscribe for ordinary shares to be issued by China Lodging and purchase ordinary shares from certain existing shareholders of China Lodging in reliance on Regulation S under the Securities Act of 1933, as amended. The aggregate number of ordinary shares that Ctrip will purchase from China Lodging and the selling shareholders pursuant to the agreements will be equal to approximately 8% of China Lodging's total ordinary shares outstanding immediately after the closing of this investment, which is expected to take place concurrently with China Lodging's initial public offering. Ctrip will pay the purchase consideration in cash at a price equal to the initial public offering price of China Lodging's ordinary shares.

China Lodging operates a leading economy hotel chain in China. It offers three hotel products: HanTing Express Hotel, HanTing Seasons Hotel and HanTing Hi Inn. China Lodging has filed a registration statement with the U.S. Securities and Exchange Commission in connection with an initial public offering with an estimated price range of $10.25 to $12.25 per American Depositary Share (or $2.5625 to $3.0625 per ordinary share).

Investment in BTG-Jianguo Hotels&Resorts Co., Ltd.

BTG-Jianguo Hotels&Resorts Co., Ltd., or BTG-Jianguo, is a hotel management company based in China. BTG-Jianguo manages over 60 hotels throughout China, with a focus on mid-to-high end markets.

In March 2010, Ctrip entered into an agreement with Hongkong Polaris Hotels Limited, or Polaris, whereby Ctrip has agreed to purchase from Polaris a 15% equity interest in BTG-Jianguo with an option to acquire another 10% within one year after the closing. The closing of this transaction is subject to receipt of necessary governmental approval and other customary closing conditions.

Min Fan, CEO of Ctrip, said, "Both China Lodging and BTG-Jianguo are leading China-based hotel management companies. Our investment in China Lodging and BTG-Jianguo is part of our long-term strategy to enhance our partnership with hotel groups in order to better service our customers."

[R-BgO]

Highest Gross Margin in the Hotels, Resorts & Cruise Lines Industry Detected in Shares of Ctrip.com International (CTRP, LONG, WOLF, RCL, MHGC)
Written on Fri, 07/09/2010 - 4:53am
By Chip Brian

Below are the top five companies in the Hotels, Resorts & Cruise Lines industry as ranked by gross margin. Gross Margin tells you how many of your sales dollars are profit. If efficiency is improved, more profits will result.
Ctrip.com International (NASDAQ:CTRP) has gross margin of 78.1%, a sales growth of 46.6%, and trailing 12 months sales of $318.5 million.
eLong (NASDAQ:LONG) has gross margin of 68.5%, a sales growth of 22.7%, and trailing 12 months sales of $55.8 million.
Great Wolf Resorts (NASDAQ:WOLF) has gross margin of 67.6%, a sales growth of 13.4%, and trailing 12 months sales of $272.4 million.
Royal Caribbean Cruises (NYSE:RCL) has gross margin of 59.1%, a sales growth of 12.1%, and trailing 12 months sales of $6 billion.
Morgans Hotel (NASDAQ:MHGC) has gross margin of 52.8%, a sales growth of 4.2%, and trailing 12 months sales of $231.8 million.
SmarTrend is bearish on shares of WOLF and our subscribers were alerted to Sell on May 20, 2010 at $2.50. The stock has fallen 26.9% since the alert was issued.

[R-BgO]

Ctrip: Industry Data Suggest Strong Q2 Results
by: Xiaofan Zhang July 20, 2010 | about: CTRP


Chinese travel-booking company Ctrip.com (CTRP) will report 2Q10 earnings on August 9 after the market closes. Recent industry data from airlines, hotels, and travel destinations suggest Ctrip's Q2 growth was pretty strong. Based on strong data points, I estimate that Ctrip's total revenue and GAAP EPS will come in at $99 million and $0.22 for Q2, representing strong revenue growth of 42% year-over-year. I also expect Ctrip to provide a conservative Y/Y revenue growth guidance for 3Q10, which could prove to be at least 10 percentage points lower than the actual result.

According to data from Air China, China Southern Airlines, and Hainan Airlines, these three major Chinese airlines' combined passenger volume rose 17.5% Y/Y in 2Q10. This represents a 3.3-percentage-point acceleration from 14.2% Y/Y growth in 1Q10, during which Ctrip's total revenue grew 46% Y/Y. Historically, Ctrip's total revenue growth has more than doubled airline passenger growth, so it's reasonable to expect Ctrip to grow revenue by 42% Y/Y in Q2.

In addition to airline data, hotel and Shanghai World Expo data also imply strong growth momentum for Ctrip's business in Q2. According to a major Chinese travel-booking service provider, pricing for economy hotel rooms rose significantly in Q2 in popular travel destination regions such as Shanghai, Shandong, Xinjiang, Liaoning, Hainan, Jiangsu, with Shanghai leading all regions with 16% Q/Q growth.

Since May 2010, Shanghai World Expo has stimulated sharp growth of hotel rooms' pricing and sales volume in Shanghai, with an overall occupancy rate of 93% and 100% occupancy rate for economy hotels. According to the official website of Shanghai World Expo, visitors to this mega event have reached 29.5 million since May 1, with daily traffic reaching a new high of 557.2K on July 17 (see chart below).

[R-BgO]

EMFIS.COM - Shanghai 03.11.2010 (www.emfis.com) Chinas führender Online-Reisespezialist Ctrip.com hat seinen Nettogewinn im dritten Quartal im Jahresvergleich um 70 Prozent auf 320,14 Millionen Yuan (48 Millionen US-Dollar) gesteigert. Vor allem die Weltausstellung in Shanghai hatte einen positiven Effekt auf alle Sparten des Unternehmens - unter anderem bietet Ctrip sowohl individuelle Flug- und Hotelbuchungen, als auch Pauschalreisen an. Der Gesamtumsatz stieg im dritten Quartal um 48 Prozent auf 862,7 Millionen Yuan. Der Umsatz bei Hotel- und Flugbuchungen legte um 36 Prozent auf insgesamt 665 Millionen Yuan zu, während bei den Pauschalreiseangeboten mit 141 Millionen Yuan sogar ein Plus von 161 Prozent verbucht wurde. Die Reiseindustrie ist in China ein bedeutender Wachstumsmarkt. Für das vierte Quartal rechnet Ctrip beim Nettoumsatz mit einem Zuwachs zwischen 30 und 35 Prozent im Jahresvergleich.

[R-BgO]

irgendwann kommt jeder Kurs wieder...

geht'S weiter runter, oder jetzt aufstocken?

[R-BgO]

Antwort auf Beitrag Nr.: 41.885.991 von R-BgO am 03.08.11 16:06:31

aufstocken wäre keine gute Idee gewesen...

Umsatz wächst zwar noch, aber Ergebnis in 2011 blieb fast gleich und in Q1 ging's mächtig runter

[R-BgO]

Antwort auf Beitrag Nr.: 43.216.744 von R-BgO am 28.05.12 09:29:49

Aktie nun wieder teuer

[R-BgO]

http://seekingalpha.com/article/2171613-ctrip-ties-with-tong…

[R-BgO]

bis auf ein Erinnerungsstück verkauft

[comiter [Blogger]]

Schient sich aber am Markt durchzusetzen und 600 Mio Downloads ist schon ein Wort, wie der Kurs heute auch zeigt, mehr auch hier dazu:http://www.investresearch.net/ctrip-com-aktienanalyse/

Ich bleibe aber erstmal auf der Seitenlinie

[R-BgO]

interessant

The Priceline Group Announces Additional Investment in Ctrip
May 26, 2015

NORWALK, Conn., May 26, 2015 /PRNewswire/ -- The Priceline Group Inc. (NASDAQ: PCLN) today announced that it will invest an additional $250 million in Ctrip.com International, Ltd. (NASDAQ: CTRP) ("Ctrip"), China's leading online travel company. The investment will be made via a convertible bond and Ctrip has granted permission to The Priceline Group to increase its ownership in Ctrip through the acquisition of Ctrip's American depositary shares in the open market so that, when combined with the shares issuable upon conversion of the new bond and the $500 million convertible bond issued to The Priceline Group in August 2014, The Priceline Group may hold up to 15% of Ctrip's outstanding shares.

This investment follows a commercial relationship established between the two companies in 2012, which was expanded in August 2014 along with the $500 million investment by The Priceline Group. Immediately following issuance of the new $250 million bond and assuming conversion of the two bonds, The Priceline Group will own securities representing approximately 10.5% of Ctrip's outstanding shares.

The two companies will continue their existing commercial partnership, whereby accommodations inventory is cross-promoted between the brands.

"Ctrip continues to be a very important partner for The Priceline Group in China, and we look forward to continuing to build upon that partnership," said Darren Huston, CEO of Booking.com and President & CEO of The Priceline Group. "We consider Ctrip a market leader in China and we're investing in a company and a team that we believe fits well with our long-term view of China as a market and the Chinese people as global travelers."

James Liang, Chairman and CEO of Ctrip said, "Today's news aligns with our continued commitment to drive our existing commercial agreement with The Priceline Group forward in order to deliver more value for travelers seeking great accommodations all over the world."‎

[R-BgO]

Der Wettbewerb scheint zuzunehmen:

Thread: eLong - chinesischer online-Reiseanbieter
Thread: Qunar Cayman Islands
Thread: Tuniu - chinesisches Online-Reisebüro

[Kalbaran]

Kann mir einer sagen wieso die Aktie am 1. Dez um das doppelte gestiegen ist?

[Kalbaran]

Weiß keiner bescheid?

[R-BgO]

Antwort auf Beitrag Nr.: 51.544.371 von Kalbaran am 21.01.16 01:57:11

es war ein ADR-split

ein ADR verbrieft jetzt noch eine Achtel-Aktie;




Neues:

Ctrip Announces Recent Transactions

SHANGHAI, Jan. 12, 2016 /PRNewswire/ -- Ctrip.com International, Ltd. (NASDAQ: CTRP), a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management in China ("Ctrip" or the "Company"), today announced that the Company has agreed to make certain investments, in the form of limited partnership capital contribution or other financing arrangements, in several non-U.S. investment entities, which are managed or owned by parties unaffiliated with each other and unaffiliated with the Company and are dedicated to investing in businesses in China.

The Company is authorized to invest an aggregate of approximately US$1.3 billion in cash and to issue a total number of approximately 5.4 million ordinary shares, including 2,661,967 ordinary shares registered through a "shelf takedown" prospectus supplement filed on January 12, 2016 which became effective immediately pursuant to Ctrip's effective shelf registration statement on Form F-3 (Registration No. 333-208399) filed in December 2015, to these non-U.S. investment entities.

Ctrip is aware that these investment entities will acquire a significant minority stake of Qunar Cayman Islands Limited, or Qunar, from Qunar's shareholders through privately negotiated transactions, using cash and/or Ctrip's ordinary shares as purchase consideration.

[R-BgO]

Antwort auf Beitrag Nr.: 51.544.371 von Kalbaran am 21.01.16 01:57:11

und davor:

.
Ctrip Announces Investment in MakeMyTrip

SHANGHAI, Jan. 7, 2016 /PRNewswire/ -- Ctrip.com International, Ltd. (NASDAQ: CTRP) ("Ctrip")

today announced that it will invest US$180 million in MakeMyTrip Limited (NASDAQ: MMYT) ("MakeMyTrip") , India's largest online travel company, via convertible bonds. In addition, MakeMyTrip has granted Ctrip permission to acquire MakeMyTrip shares in the open market, so that combined with shares convertible under the convertible bonds, Ctrip may beneficially own up to 26.6% of MakeMyTrip's outstanding shares. Upon completion of the investment, Ctrip will acquire the right to appoint a director to the MakeMyTrip board of directors.

Deep Kalra, Founder and Group CEO, MakeMyTrip said, "We are delighted to have Ctrip invest in us. Ctrip is the dominant market leader in the online travel market in China. We believe there are many similarities in the Indian and Chinese online travel markets and we expect this strategic relationship between two market leaders to be mutually beneficial."

"Today's announcement marks the beginning of the strategic relationship between Ctrip and MakeMyTrip. Through this transaction, Ctrip has now gained exposure to India's fast growing online travel market," said James Liang, Co-founder, Chairman, and CEO of Ctrip.


siehe dazu auch Thread: MakeMyTrip - indisches Online-Reisebüro

[R-BgO]

bin echt auf den Abschluss gespannt,

ist eine andere Firma geworden:

-Invests durch priceline und Baidu
-dicker convertible
-deconso von Tijia
-eigene Invests in eLong, Qunar und MMYT

[Kalbaran]

ok danke, aber was genau heißt ADR Split?

Kenne nur Aktiensplit, bei der sich dann der Kurs halbiert...aber nicht bei dem der Kurs um das doppelte steigt.

[R-BgO]

Antwort auf Beitrag Nr.: 51.612.028 von Kalbaran am 29.01.16 15:13:58

der Kurs hat sich ja auch nicht verdoppelt!

er ist nur zufälligerweise in den Wochen vor dem Split stark gestiegen;

der w:o Chart hat auch 'nen Hau, wenn Du Dir z.B. den bei comdirect ansiehst, wirst Du keine 100 finden...

[comiter [Blogger]]

Tolles Unternehmen aber für mich noch zu teuer, gerade im Vergleich zu Baidu oder Alibaba:

[R-BgO]

Tujia buys Ctrip’s homestay business, becoming more like Airbnb
Oct 21.2016

China’s Airbnb-of-sorts Tujia is shaking up its existing structure and will integrate Ctrip and Qunar’s homestay businesses as part of an acquisition and partnership.

In a wide-ranging announcement, it said “the homestay channels of both Ctrip and Qunar’s web sites and apps, along with their operation teams and the entire business, will be merged into Tujia.”

In summer Tujia bought short-term rental platform Mayi.com.

It added that the Ctrip/Qunar consolidation “symbolizes that the market has exited the start-up stage and moved into the growth stage.”

The obvious reference point here is Airbnb, although there are a number of material differences – the most significant is that Tujia is involved in the actual bricks and mortar development of accommodations in conjunction with real estate developers.

Tujia said that the next five years will be about growth, a key element of which is separating out its online booking platform from its offline development and management businesses.

It will consolidate all the online businesses onto a unified IT platform and talks about the “fusion” of brands over time. Creating a point of sale where it can distribute its own inventory alongside the third-party inventory it has taken on via the Ctrip and Qunar deal will create something closer to Airbnb.

Airbnb has points of sale across the globe, while Tujia is very much concentrating on China as its source market for travellers. But more M&A activity is hinted as, with Tujia looking at ways to “complete the ecosystem”. Developing source markets outside of China could be on its radar in this context.

Its ownership structure throws up some interesting names, including Ctrip itself which was involved in its $100 million Series C (June14) and its $300 million Series D (Aug15) rounds. Expedia Inc’s HomeAway took part in its reported $15m Series A (May12) as well as the Series C round.

[R-BgO]

Antwort auf Beitrag Nr.: 51.611.248 von R-BgO am 29.01.16 14:05:09

SKIFT TAKE

It’s not around the corner but you can expect China’s Ctrip to set up shop to compete against online and offline travel giants in the U.S. Breaking in through acquisition would be an obvious strategy although it’s unclear whether that’s actually part of Ctrip’s seemingly very active strategic plan.

— Dennis Schaal

China’s Ctrip, already the globe’s second largest online travel agency by market cap behind the Priceline Group and ahead of Expedia Inc., is working on a plan to sell trips from the U.S. to destinations around the world but it would start with excursions from the U.S. to China and Southeast Asia.

That’s the word from Tao Yang, a Ctrip senior vice president and head of its vacation business.

“We want to sell travel everywhere,” Yang told Skift.

Yang was in Manhattan October 26 for a Ctrip North America partner summit attended by bus operators, tour companies, hotels and attractions to mark Ctrip’s acquisition of three U.S. based tour operators this week in a bid to boost business and improve service levels for Chinese outbound travelers vacationing in the U.S.

Yang revealed that Ctrip took a majority stake in each of these tour operators for what the online travel agency describes as a marriage to form a Quartet focusing on Chinese travelers’ touring and visiting attractions in the U.S.

But that partnership is distinct from Ctrip’s strategic plan to create a U.S. point of sale to sell travel globally, and this would put Ctrip in competition in the U.S. with partners such as the Priceline Group and Expedia, Yang said.

The Priceline Group has a 9.3 percent stake in Ctrip, has the right to bump that up to 15 percent, and provides Ctrip with hotel inventory to enhance Ctrip’s offerings to outbound Chinese travelers.

Expedia sold its majority stake in China’s eLong to Ctrip and other buyers in China in May 2015, and Expedia continues to have commercial agreements with Ctrip in certain markets.


Asked whether Ctrip would partner or compete with the Priceline Group and Expedia in the U.S. to further Ctrip’s U.S. point of sale strategy, Yang said the relationships would include elements of both partnership and competition, as is common in the travel industry.

It was unclear from Yang’s remarks, made exclusively to Skift in a brief interview after the program, how far along its U.S. point of sale strategy is but he did say there is a team working on it.

Breaking into the U.S. through acquisition would be an obvious strategy although it’s unclear whether that’s actually part of Ctrip’s seemingly very active strategic plan.

Separately, during the partner summit, Yang said Ctrip’s goal in acquiring the U.S.-based tour operators is to increase business and to improve service standards for Chinese travelers visiting the U.S. Previously Ctrip stated it had invested in the tour operators but it had not revealed that it had actually acquired them.

[R-BgO]

Antwort auf Beitrag Nr.: 53.583.231 von R-BgO am 30.10.16 11:27:00

https://www.tnooz.com/article/skyscanner-sells-to-ctrip-for-…

[R-BgO]

Antwort auf Beitrag Nr.: 53.766.270 von R-BgO am 24.11.16 19:02:20

https://www.tnooz.com/article/skyscanner-ceo-anatomy-of-the-…

[R-BgO]

https://skift.com/2017/03/13/ceo-interview-ctrips-strategic-…

[R-BgO]

https://www.tnooz.com/article/ctrip-skyscanner-Q1-2017-earni…

[Fafa2]

Woher kommt der Absturz?

Die Aktie verliert gerade viel Boden. Warum? Die Nordkorea-Krise hat sich wieder beruhigt. Hast du eine Idee, R-BgO?

[R-BgO]

https://www.tnooz.com/article/ctrip-heralds-early-success-of…

"Ctrip‘s second quarter earnings release talks about a 50% improvement in mobile conversion rates from the early iterations of Skyscanner’s direct booking business.

Executive chairman James Liang summarised the rationale for its introduction of direct bookings to Skyscanner, which Ctrip acquired for $1.75 billion last November. He said:

“It is a more effective way to convert Skyscanner user traffic while helping its partners to retain the customer relationship and the ability to upsell ancillaries.”

Ctrip itself was one of the early partners selling via the direct booking option. Conversion rates on mobile, he said, were 50% higher for partners using the platform.

This validates previous comments around the importance of keeping mobile users in particular within the mobile-optimised Skyscanner platform, rather than run the risk of losing the customer when they click off to a less-well optimised partner site."

[R-BgO]

Antwort auf Beitrag Nr.: 55.546.548 von Fafa2 am 17.08.17 19:41:09

Ich denke, der "Absturz" ist eher ein Rauschen,

wenn man den Langfristchart ansieht, fällt eigentlich nichts auf.

Aktie ist halt volatil.

[R-BgO]

Ctrip gets deeper into Tujia, leads $300 million Series E
Oct 10.2017

China’s Airbnb-of-sorts Tujia.com has raised another $300 million in a Series E round, led by Ctrip.
The deal values Tujia at $1.5 billion.

It is the first funding round to be completed since Tujia’s internal restructure, announced last October, when its online and offline businesses were separated out.

Tujia’s online business is where the Airbnb comparisons come from – it runs a platform for hosts to share and guest to book accommodation. The platform’s scale and reach runs to more than 650,000 online listings covering 345 domestic destinations and more than 1000 international options.

As part of the October restructure announcement, Tujia acquired the homestay businesses of Ctrip and Qunar, integrating them into its platform. It also bought rival Mayi.com for an undisclosed sum, creating a strong local competitor for Airbnb, which has identified China as one of its priority markets.

Ctrip’s participation in the Series E round comes after the OTA also took part in Tujia’s $100 million Series C (June14) and its $300 million Series D (Aug15) rounds. Expedia Inc’s HomeAway took part in its reported $15m Series A (May12) as well as the Series C round.

Ctrip was joined in the Series E by All-Stars Investment as co-lead, with China Renaissance’s New Economy Fund, Glade Brook Capital, and G Street Capital taking part.

The biggest difference between Tujia and Airbnb is that Tujia is a real-estate developer, involved in the funding and construction of bricks and mortar accommodations. It currently works with more than 200 government agencies and developers and is involved in the construction of 1 million units of accommodation.

The Series E has been earmarked for “optimizing the user experience by standardizing aspects of [its] alternative travel accommodations such as linen washing, cleanliness, and smart capabilities,” and to “further invest in the domestic high-end real estate market and in foreign markets.”

The suggestion that Tujia is looking at developing real-estate outside of China is a sign that it is looking to expand its online and offline business units. By building its own inventory outside China, Tujia can guarantee Chinese outbound travellers a homestay experience within a hotel context. Its model here is more Ascott than Airbnb.

Airbnb would argue that its target audience in China – millennials – do not want to stay somewhere Chinese when they go overseas and are “looking for an alternative way to travel”.

The market is large enough for Airbnb to serve Chinese millennials who appear to have adopted its “travel like a local” and for Tujia to serve Chinese outbound who want something a bit more familiar.

[kainza]

Antwort auf Beitrag Nr.: 55.644.749 von R-BgO am 01.09.17 09:43:11

Wie kam es zur Ausweitung des Eigenkapitals?
Cashflow sehr hoch.
Wachstum auf Kosten des Profites?

[R-BgO]

Antwort auf Beitrag Nr.: 56.527.352 von kainza am 22.12.17 11:32:48

Häh?

welche "Ausweitung des Eigenkapitals"? - üblicherweise steigt das durch Gewinne und KE's

was meinst Du mit "Wachstum auf Kosten des Profites"?

[kainza]

Antwort auf Beitrag Nr.: 56.556.394 von R-BgO am 28.12.17 10:01:43

Das müssen gewaltige Kapitalerhöhungen gemacht worden sein.
Das EK stieg von 9,5 auf 44,6 und zuletzt 71,5.

Auf Kosten des Gewinns bezog sich auf die Verluste in der letzten Bilanz.

[R-BgO]

Antwort auf Beitrag Nr.: 56.585.921 von kainza am 02.01.18 11:19:02

Es wäre schön, wenn Du auch mitteilen würdest,

auf welche "letze Bilanz" Du Dich beziehst...

Nehme an, Du meinst das Kalenderjahr 2016.

Ja,

da sieht man eine Erhöhung des Aktienkapitlsl von 4.121 auf 4.960 um rund 20%, während das gesamte EK um gut 60% gestiegen ist. Das Management hat also die hohe Bewertung genutzt, um die Kasse aufzufüllen.

Der für 2016 ausgewiesene Verlust könnte z.B. mit Sonderaufwendungen im Zusammenhang mit der Qunar-Übernahme Ende 2015 zusammenhängen. Einige Kostenpositionen waren temporär drastisch höher.

Fakt ist aber auch, dass für alle drei bisher veröffentlichten 2017er-Quartale Gewinn ausgewiesen wurde;

verstehe nicht so recht, warum Du

1) so weit in den Rückspiegel schaust und
2) Dir nicht ein bisschen mehr eigene Mühe machst

[kainza]

Antwort auf Beitrag Nr.: 56.586.437 von R-BgO am 02.01.18 12:03:02

Ich halte c´trip für einen Top-Wert mit viel Potential.

[kainza]

Antwort auf Beitrag Nr.: 56.586.437 von R-BgO am 02.01.18 12:03:02

Seit 2 Jahren jetzt Seitwärtstrend.
Wann denkst du kommt der nächste Kursschub?

[R-BgO]

Antwort auf Beitrag Nr.: 56.586.755 von kainza am 02.01.18 12:31:06

keine Ahnung

ist auch nicht wichtig;

wenn Du glaubst, dass sie in 5 Jahren deutlich wertvoller sein werden, kannst Du heute kaufen

[kainza]

Antwort auf Beitrag Nr.: 56.587.187 von R-BgO am 02.01.18 13:19:42

Hat c´trip in China Marktbeherrschung wie Priceline oder Expedia?
Der Preis ist günstig zur Zeit.

[kainza]

Antwort auf Beitrag Nr.: 56.587.187 von R-BgO am 02.01.18 13:19:42

Hat c´trip bereits mehr Umsatz und Cashflow als Priceline?
Die besseren Wachstumsraten kommen auch noch dazu!

[kainza]

Antwort auf Beitrag Nr.: 56.587.274 von kainza am 02.01.18 13:30:49

Fehler bemerkt! CHY in der Bilanz und keine USD!!!

[R-BgO]

re-Marktdominanz in China:

https://skift.com/2018/01/02/ctrip-backed-chinese-booking-si…


Auszug:

"Ctrip – with the help of some useful allies – continues to dominate China’s fast-expanding travel industry. It will be interesting to see whether 2018 brings further expansion into Europe and North America.

Two of China’s mid-tier online booking sites, Tongcheng Network and eLong, have agreed to merge.

Ctrip, China’s largest online travel agency, and tech firm Tencent, the owner of WeChat, will be the major strategic shareholders of a new, enlarged Tongcheng-Elong.

Ctrip’s announcement said the new entity would “provide wider traveler coverage and deliver greater online travel services and products.”"

[R-BgO]

Ctrip listet OpenTable :https://www.tnooz.com/article/ctrip-and-priceline-dine-out-t…

[R-BgO]

Antwort auf Beitrag Nr.: 56.596.286 von R-BgO am 03.01.18 10:17:02

https://skift.com/2018/09/06/ctrip-second-quarter-2018-earni…

"Ctrip, China’s largest online travel agency, faces multiple factors pressuring its pace of revenue growth and profit.

In the three months to June 30, revenue rose 13 percent year-on-year to $1.1 billion, or 7.3 billion renminbi. That growth rate was roughly a third of the 45 percent growth rate the company reported a year earlier.

The group’s net income from operations in the second quarter was 9 percent of net revenue, down slightly from 10 percent in the year-earlier period. But the company is almost unprofitable after stock-based compensation is taken into account."

[haowenshan]

habe heute den Kursverfall in den beiden letzten Tagen (~25%) seit den Zahlen zum Einstieg genützt.

ein aktueller Überblick über China-OTA:
https://skift.com/2018/09/19/meituans-hong-kong-ipo-may-inte…
Meituan - ein (für mich) neuer Player im Travel Markt

[R-BgO]

Antwort auf Beitrag Nr.: 59.183.994 von haowenshan am 10.11.18 01:12:05

Thread: Meituan Dianping

[R-BgO]

Antwort auf Beitrag Nr.: 59.183.994 von haowenshan am 10.11.18 01:12:05

noch einer

Thread: TongCheng Elong

[Ogonar]

Gibt es aktuelle Meinungen zu dem Wert? VG

[R-BgO]

Antwort auf Beitrag Nr.: 60.012.551 von Ogonar am 04.03.19 09:51:41

Meinung: teuer

am5.3. kamen Jahreszahlen, Gewinn hat sich halbiert

aktuell KGV von 145

[R-BgO]

[kainza]

Antwort auf Beitrag Nr.: 60.040.385 von R-BgO am 07.03.19 11:13:12

Warum ist das KGV so hoch? Wird viel investiert oder ist das Geschäft Margenschwach?

[kainza]

Antwort auf Beitrag Nr.: 60.450.935 von R-BgO am 29.04.19 19:58:44

Guter Deal für ctrip, oder?

[kainza]

Antwort auf Beitrag Nr.: 60.040.385 von R-BgO am 07.03.19 11:13:12

Eigenkapital ist in den vergangenen Jahren massiv gestiege. Auch der cashflow war immer stark positiv.
Warum ist dann das KGV so niedrig?

[R-BgO]

Antwort auf Beitrag Nr.: 61.530.821 von kainza am 20.09.19 14:22:01

Du sprichst in Rätseln:

#57: "Warum ist das KGV so hoch? "
#59: "Warum ist dann das KGV so niedrig?"



Von was für Zahlen gehst Du eigentlich aus?

[R-BgO]

Antwort auf Beitrag Nr.: 61.530.821 von kainza am 20.09.19 14:22:01

auch zu Deiner These, "EK ist massiv gestiegen" wüßte ich gerne mehr Zahlen

Fakt ist jedenfalls, dass die outstanding shares auch ordentlich rauf sind:

-jeweils zum Jahresbeginn-

2016 - 51 Mio.
2017 - 64 Mio.
2018 - 68 Mio.
2019 - 69 Mio.
aktuell ca. 70 Mio.

[R-BgO]

Antwort auf Beitrag Nr.: 60.450.935 von R-BgO am 29.04.19 19:58:44

[kainza]

Antwort auf Beitrag Nr.: 61.532.756 von R-BgO am 20.09.19 17:03:31

Habe mich verschrieben!!! Entschuldigung.
Meinte das Gegenteil.

Ich gehe von den Profildaten aus, die W-O hier reinstellt.

[kainza]

Antwort auf Beitrag Nr.: 61.532.885 von R-BgO am 20.09.19 17:16:32

Alles Kapitalerhöhungen?

[pickuru]

Trip.com CEO: We will pay for travelers infected with coronavirus to receive care in home countries

https://www.cnbc.com/video/2020/01/22/ctrip-to-pay-for-trave…

[Leland_Gaunt]

Sehr wenig los hier, dabei halte ich Trip.com noch aktuell für den chancenreichsten Turnaround Kandidaten der Tourismusbranche, auch wenn ich gerne warten würde bis ich für 25 EUR zuschlagen kann.

Im chinesischen Inland wird bereits wieder gereist, und aufgrund der Kooperation mit dem Platzhirsch booking.com kommt einem dieser international nicht in die Quere.

Gleichzeitig ist Trip mehr gefallen als Booking.

[MilleniumFalke]

Und? Wie ist die Lage?

[77mike77]

Antwort auf Beitrag Nr.: 68.215.873 von MilleniumFalke am 17.05.21 15:40:44

überraschend gute Zahlen

https://finance.yahoo.com/news/trip-com-group-limited-report…

[MilleniumFalke]

Antwort auf Beitrag Nr.: 68.237.485 von 77mike77 am 19.05.21 10:08:18

Zitat von 77mike77: überraschend gute Zahlen

https://finance.yahoo.com/news/trip-com-group-limited-report…

So hatte ich mir das erhofft... 😎

[em-no-ip]

Weiß jemand was über eine Kapitalerhöhung bei Trip.com?

[pickuru]

Trip.com CEO says Chinese tourists look for safety, smaller groups, short booking windows and sustainability

https://www.cnbc.com/video/2023/01/19/trip-com-ceo-says-chin…

[Chartier]

20.12.2023





Thread: Charts 2023 Dezember