Barclays holds Ctrip's share-holding rating at 26 USD

News and information Technology http://www.aliyun.com/zixun/aggregation/17197.html "> Beijing time January 26, Barclays (Barclays) released its investment report today to maintain the" hold-wait "rating of Ctrip, At the same time to maintain the 26 dollar target share price unchanged.

The following is a summary of the contents of the report:

We expect that Ctrip's quarterly results in the 2012 fiscal year will be in line with the company's guiding expectations and Wall Street's average expectations. As for the first quarter of fiscal year 2013, we expect Ctrip to give relatively conservative guidance expectations, mainly because: 1) seasonal downturn; 2 The tourism market lacks positive data before the Spring Festival.

Potential ticket price war: A number of media reports, Ctrip Vice President Mr. Said, Ctrip plans to extend coupons discount activities to the air ticket business. But in the third quarter of fiscal year 2012 conference call, Ctrip has said that it is not intended to extend the coupon discount activities to the airline ticket business. If the report is true, depending on the size of the discount and route range, we believe Ctrip will face further profit margins in the next few quarters. We would like to hear the answer to this in the upcoming quarterly results call for fiscal year 2012.

Quarterly results forecast: We expect that Ctrip's net revenue for the 2012 fiscal year will reach 173.7 million U.S. dollars, an increase of 17.9% per cent year-on-year. Based on non-US general accounting standards, diluted earnings per share will reach $0.24 trillion.

Fiscal year 2013 First quarter results: We expect net revenue to reach 173.9 million US dollars, up 20% year-on-year. Based on non-US general accounting standards, diluted earnings per share will reach $0.25 trillion.

Valuation: We maintain the "hold-and-wait" rating of Ctrip, while maintaining a 26 dollar target share price unchanged.