Deutsche's Ctrip upgrade: Mobile strength praised, checks solid

Deutsche's Vivian Hao, who upgraded Ctrip (CTRP +7.7%) to Buy this morning, declares the Chinese online travel agency is "emerging as a clear leader in mobile." She also states checks point to "strong travel booking volumes going into the peak 3Q season," with hotel volumes doing well thanks to mobile and Mid-Autumn Festival deals.

Mobile accounted for 20% and 15% of Ctrip's hotel and air ticket bookings, respectively. Hotel reservation revenue (39% of total revenue) rose 25% Y/Y in the quarter, as 44% volume growth more than offset a 14% drop in commission/room.

Ctrip is making new highs. Smaller rival eLong (LONG +1.3%) is up slightly.

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