Ctrip rallies, Qunar slumps following T.H. Capital note

T.H. Capital's Tian Hou believes cumulative downloads of Ctrip's (CTRP +3.2%) Android app (as of Monday) are up 16.3% since Nov. 19, thanks in part to a mobile-only hotel discount promotion covering eight major Chinese cities.

Rivals Qunar (QUNR -2.7%) and eLong (LONG +0.4%) are respectively estimated to have seen 11% and 14% cumulative Android app download growth over this time.

Hou also notes Ctrip's iOS app was ranked #3 on the Chinese App Store's travel app download list, trailing only a train ticket app and a taxi app.

Ctrip already had strong mobile exposure going into Q4: The company mentioned in its Q3 report mobile had grown to account for 30% of its hotel bookings (up from 20% in Q2), and 15% of its air ticket bookings.

Shares are up 130% YTD on what has been a very good year for Chinese Internet names.

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