China's Tongcheng Travel hits record high on Q1 earnings

About this update from Tongcheng Travel Holdings Limited

** Shares of online tourism services provider Tongcheng Travel Holdings HKEX:780 jump as much as 13.9% to all-time high of HK$23.35** Stock set for biggest one-day pct rise since late-September, if gains hold** Co reports Q1 adjusted net profit up 41.1% y/y, revenue up 13.2% y/y and adjusted net margin of 18% from 14.4% a year ago** Jefferies maintains "buy" and lifts PT to HK$24.80 from HK$24.10, saying Q1 non-IFRS earnings beat expectations and core online travel agency margin is expected to improve with solid progress in standalone app and outbound travel** Citi reiterates "buy" on decent earnings beat** Hang Seng Commerce & Industry Index HSI:HSCI falls 1.3%, Hang Seng Index HSI:HSI slips 0.7%** YTD, stock up 12.9%($1 = 7.8369 Hong Kong dollars)

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