Citibank: Passenger volume during the first 17 days of the Spring Festival travel season increased by 4% year-on-year, maintaining the same travel company(00780) "Buy" rating

LootboxPhobia · 2026-02-20T10:20:20+00:00

CITIC Securities APP learned that Citibank issued a research report maintaining a "Buy" rating for Ctrip(TCOM.US) and Tujia Travel(00780), with a target price of $82 for Ctrip in the US market and HKD 28 for Tujia's H-shares. However, the bank believes that Ctrip's stock price is unlikely to fluctuate due to Spring Festival data, as the Market Supervision Bureau is still conducting an investigation. Ctrip will announce its earnings after the US market closes on February 25.The Ministry of Transport announced the nationwide passenger throughput during the Spring Festival travel rush from February 2 to March 13; the total volume increased by 4% year-on-year, with railways, civil aviation, highways, and waterways increasing by 2.8%, 5.2%, 4%, and 18.4% respectively. During the first four days of the 9-day Spring Festival holiday, the performance was even stronger, with a total increase of 6.8% year-on-year, and railways, civil aviation, highways, and waterways increasing by 3.5%, 7.7%, 6.8%, and 26.9% respectively.The bank believes that domestic passenger throughput data is large

LootboxPhobia

2026-02-20 10:20:20

CITIC Securities APP has learned that Citigroup issued a research report maintaining a “Buy” rating for Ctrip (TCOM.US) and Tongcheng Travel (00780), with a target price of $82 for Ctrip’s US stock and HKD 28 for Tongcheng’s H shares. However, the bank believes that Ctrip’s stock price is unlikely to fluctuate due to Spring Festival data, as the Market Supervision Bureau is still conducting an investigation. Ctrip will announce its earnings after the US market closes on February 25.

The Ministry of Transport announced the total passenger throughput for the first 17 days of the Spring Festival travel period (February 2 to March 13); the total increased by 4% year-on-year, with railways, civil aviation, highways, and water transport growing by 2.8%, 5.2%, 4%, and 18.4%, respectively. During the first four days of the nine-day Spring Festival holiday, the performance was even stronger, with total throughput up 6.8% year-on-year, and railways, civil aviation, highways, and water transport increasing by 3.5%, 7.7%, 6.8%, and 26.9%, respectively.

The bank believes that domestic passenger throughput data roughly meets expectations, with civil aviation and highway performance outperforming the broader market, while railway data is slightly weaker, possibly due to base effects. Regarding outbound travel, the National Immigration Administration estimates that during the nine-day holiday, the average daily cross-border passenger volume will reach 2.05 million, a 14.1% increase year-on-year. However, this remains to be seen, as immigration authorities’ pre-holiday forecasts are often overly optimistic and have been affected by the Japan incident.

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