Tongcheng Travel's stock soared 5.4% in the intraday session on Tuesday, as investors cheered expectations of strong fourth quarter 2024 results for the online travel agency.
According to analysts at Jefferies, Tongcheng Travel's revenue for the fourth quarter is projected to increase by 29% year-over-year to CNY4.1 billion. This growth is anticipated to be driven by higher accommodation and transportation bookings, fueled by resilient travel demand.
Furthermore, the company's adjusted net profit is expected to reach around CNY615 million for the quarter. Notably, Jefferies analysts predict that Tongcheng Travel's tourism segment is likely to break even, suggesting improvement in this business line.
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