As global travel continues its robust recovery, Trip.com Group Ltd. (9961 HK) is emerging as a top-tier “safe zone” stock for investors, offering a unique blend of stability and speculative upside. According to a recent investment playbook from Krungsri Securities, the company is perfectly positioned to benefit from China’s evolving visa policies and the upcoming seasonal travel peak.
A primary driver for Trip.com’s medium-to-long-term growth is China’s aggressive expansion of its visa-free entry policy, which now covers several major economic hubs through early 2026. Currently, international tourist arrivals in China are still trailing pre-COVID levels at approximately 80-85%, representing a significant recovery gap that Trip.com is ready to fill. As the number one platform for inbound tourists, the company holds a distinct competitive advantage over domestic-focused rivals by offering a trusted, multilingual service ecosystem that appeals directly to international travelers.
The company’s “International Expansion” strategy is already yielding impressive results. The Overseas Online Travel Agent (OTA) Gross Transaction Value (GTV) has surged by 60% year-on-year, signaling that Trip.com is successfully evolving into a global powerhouse. This international diversification provides a crucial revenue hedge against domestic market fluctuations.
Krungsri noted that investors should take note of the historical “Lunar New Year Play” associated with this stock. Data from 2022 to 2025 indicates that Trip.com typically experiences speculative buying as travel figures peak. On average, the stock has delivered a +2.9% return just one day after the holiday and a +5.5% return after one week.
While domestic regulatory risks once weighed on the sector, analysts suggest these factors are now fully priced-in. With a massive net cash position of 89.6 billion RMB as of 3Q25 and annual operating cash flow exceeding 20 billion RMB, the company is well-equipped to handle potential fines or business model adjustments while continuing its share buyback program.
Currently, Trip.com is trading at a 2026 Forward P/E of just 12x, which aligns with its historical average and offers a much more attractive entry point than its previous premium valuation. For Thai investors looking to capitalize on this momentum, the TRIPCOM80 Depositary Receipt (DR) offers a direct and accessible way to gain exposure to this travel giant with a “Trading Buy” recommendation.
