Trip.com reported 1Q21 revenue of Rmb4.1bn, down 13% yoy and 50% compared to 2019, and a non-GAAP net loss of Rmb204m, in line with our expectations. With the increasing vaccination rate, we expect travel demand in 3Q21F to continue to recover strongly, creating an opportunity for an improved ASP. Reiterate ADD with a new DCF-based TP of HK$375.4.
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