Tongcheng Travel Holdings Ltd (OTCPK:TNGCF)
$ 2.284 -0.166 (-6.78%) Market Cap: 5.46 Bil Enterprise Value: 4.80 Bil PE Ratio: 24.97 PB Ratio: 2.28 GF Score: 88/100
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Q2 2024 Tongcheng Travel Holdings Ltd Earnings Call Transcript

Aug 20, 2024 / 11:30AM GMT
Release Date Price: $2.28

Key Points

Positve
  • Tongcheng Travel Holdings Ltd (FRA:TEM) reported a net revenue of RMB4.2 billion for Q2 2024, representing a 48% increase from the same period in 2023.
  • The company's air ticketing business achieved nearly 20% year-over-year growth, outperforming the industry average.
  • International air ticketing volume grew by more than 150% year-over-year, indicating strong international expansion.
  • The company's standalone app saw significant growth, with daily active users hitting historical highs during the Mayday holiday.
  • Tongcheng Travel Holdings Ltd (FRA:TEM) achieved a solid adjusted net profit of RMB657 million, with an improved net profit margin of 15.5%.
Negative
  • The company faced challenges due to adverse weather conditions, such as extreme heat and rainstorms, affecting travel demand.
  • There is concern about potential slowdown in travel demand in the third quarter due to a high base from the previous year.
  • The GMV growth slowed down in Q2, lagging behind the revenue growth for the core OTA business.
  • Despite strong international growth, the international business still accounts for less than 5% of core OTA revenue.
  • The company is investing heavily in international expansion, which may impact margins in the short term.
Operator

Good day and thank you for standing by. Welcome to the Tongcheng Travel 2024 second-quarter and interim results earnings release conference call. (Operator Instructions) Please be adivised that today's call is being recorded.

I would now like to hand the conference over to your speaker today, Kylie Yeung, Investor Relations Director. Please go ahead.

Kylie Yeung Tongcheng Travel Holdings Ltd;Investor Relations

Thank you. Good morning and good evening everyone. Welcome to Tongcheng Travel 2024 second-quarter and interim results conference call. I'm Kylie Yeung, Investor Relations Director of the company. Joining us today on the conference call are our Executive Director and CEO, Mr. Hep Ma; our CFO, Mr. Julian Fan; and our Chief Capital Officer, Ms. Joyce Li.

For today's call, our management team will provide a review of the company's performance in the second quarter. Hep will update us on the company strategy. Joyce will discuss our business and operation highlights, and then Julian will address the details of our financial

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