As the global tourism industry enters a new era of expansion, Thai investors have a golden opportunity to tap into the world’s leading travel service provider through the TRIPCOM80 DR, issued by KTB. Recent analysis from Maybank Securities (Thailand) highlights a massive 62.7% upside for Trip.com Group Limited, making it a compelling addition to any growth-oriented portfolio.
In the first quarter of 2026, Trip.com reported robust revenue of 1.62 billion yuan, marking a 17.2% year-on-year increase. This growth was fueled by strong performance across all core business segments. Specifically, revenue from Accommodation Reservation, which accounts for 42% of the business, grew by 17%, while Transportation Ticketing (36% of revenue) increased by 12%. Most notably, the company’s international platforms, including Skyscanner and the Trip.com app, saw revenue surge by 65% YoY, while inbound travel to China skyrocketed by 90% YoY.
A key catalyst for Trip.com’s future success is its aggressive integration of Artificial Intelligence (AI) to enhance search efficiency and customer service. As a dominant leader in the Asian travel ecosystem with a comprehensive network covering hotels, flights, and corporate travel, the company is uniquely positioned to benefit from the ongoing recovery of outbound Chinese tourism. By utilizing AI, Trip.com is not only improving the user experience but also driving better operational margins for its global operations.
Despite some short-term pressure on net profit in Q1 due to seasonal adjustments, the valuation of Trip.com (9961.HK) remains highly attractive. It currently trades at a Forward P/E of just 9.8x, which is significantly lower than its 5-year average of 22.2x. Maybank Securities has maintained a positive outlook with a 12-month target price of HKD 512.4. This sentiment is echoed by the broader market, with Bloomberg Consensus reporting 32 “Buy” ratings and only 2 “Hold” ratings. The current trading price of Trip.com is 315 yuan, representing a 62% upside.
For Thai investors, TRIPCOM80 offers a seamless way to invest in this global giant using Thai Baht, eliminating the complexities of offshore accounts. While investors should remain mindful of risks like geopolitical tensions, the strong fundamentals and massive upside potential make TRIPCOM80 a standout choice in the Thai DR market at a target price of THB 2.20 per share.
