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<Research>Macquarie Mildly Cuts TONGCHENGTRAVEL's TP to HKD24.2; 2Q Results in Line
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TONGCHENGTRAVEL (00780.HK)'s 2Q25 results were largely in line with expectations, Macquarie wrote in its research report. Specifically, the company's revenue rose by 10% YoY to RMB4.7 billion, while its adjusted net profit margin expanded by 1.1 ppts YoY to 16.6% on a 40 bp increase in its GPM and an optimized expense structure. Macquarie lowered its target price for TONGCHENGTRAVEL from HKD25.5 to HKD24.2 and kept the Outperform rating unchanged. Its 2025-26 adjusted net profit forecasts for the company were also reduced by 4% and 2%. AAStocks Financial News |
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