Seeking Alpha International, Ltd. (CTRP)

  • Fri, Oct. 2, 11:58 AM
    | Fri, Oct. 2, 11:58 AM | Comment!
  • Wed, Sep. 16, 2:06 PM
    • The beaten-down Shanghai and Shenzhen exchanges respectively rose 4.9% and 6.5% overnight thanks to late-session surges - many suspect fresh government intervention was responsible. U.S. traded Chinese Web/mobile names have risen sharply (CQQQ +4.4%) on a day the Nasdaq is up just 0.3%.
    • Big gainers include search giant Baidu (BIDU +5.4%), rival Qihoo (QIHU +6.5%), auto sites Bitauto (BITA +6.4%) and Autohome (ATHM +5.3%), travel sites Ctrip (CTRP +7.4%) and Qunar (QUNR +6.5%), online real estate plays SouFun (SFUN +6.1%) and Leju (LEJU +4.5%), and online retailers (JD +4.8%) and Vipshop (VIPS +6.3%). Priceline announced yesterday afternoon it had hiked its Ctrip stake to 11.6%.
    • Other winners include ChinaCache (CCIH +8.1%), Cheetah Mobile (CMCM +6.2%), Sina (SINA +6.7%), Weibo (WB +4.3%), Youku (YOKU +5.7%), and YY (YY +4.1%).
    | Wed, Sep. 16, 2:06 PM | Comment!
  • Tue, Sep. 15, 6:12 PM
    • In a 13D filing, Priceline (NASDAQ:PCLN) discloses it now owns 11.6% of Chinese online travel leader Ctrip (NASDAQ:CTRP), up from a prior 10.5%.
    • Last year, Priceline struck a deal to buy up to a 10% stake in Ctrip, partly through a $500M convertible bond. In May, Priceline committed to investing another $250M in the company.
    • CTRP +1.6% after hours to $68.00. Priceline's 17.5M-share stake has a current value of $1.19B.
    | Tue, Sep. 15, 6:12 PM | Comment!
  • Fri, Sep. 4, 2:38 PM
    • A slew of Chinese firms are among the biggest tech decliners as U.S. markets once more go into risk-aversion mode following a weaker-than-expected jobs report. The Guggenheim China Tech ETF (CQQQ -3.3%) is now down 19% YTD.
    • Big decliners include Alibaba (BABA -4.7%), as well as e-commerce peers (JD -6.6%), Vipshop (VIPS -7.9%), and LightInTheBox (LITB -3.8%). Others include Qihoo (QIHU -4.4%), Autohome (ATHM -5.3%), Sina (SINA -4.7%), YY (YY -4.3%), Ctrip (CTRP -4.3%), Qunar (QUNR -4.4%), Wowo (WOWO -5.8%), and iDreamSky (DSKY -5.6%).
    • Yesterday, Bloomberg reported Alibaba founder/chairman Jack Ma and vice chairman Joseph Tsai plan to take out a $2B+ margin loan pledged against their Alibaba stock holdings, rather than sell shares to raise funds. The money reportedly could go towards Tsai's Blue Pool Capital family office.
    • After initially moving higher, Qihoo is now below where it traded before posting a Q2 EPS beat (and not providing any guidance) on Tuesday afternoon.
    | Fri, Sep. 4, 2:38 PM | 37 Comments
  • Mon, Aug. 31, 2:11 PM
    • U.S.-traded Chinese tech stocks are seeing fresh selling pressure (CQQQ -2.9%) after Beijing announced it's halting major stock purchases to prop up local markets. Authorities also arrested nearly 200 people for actions deemed to have a destabilizing effect on markets.
    • Decliners include giants Alibaba (BABA -3.9%) and Baidu (BIDU -3.1%), as well as Ctrip (CTRP -4.4%), Qunar (QUNR -4.8%), Vipshop (VIPS -4.7%), (JD -3.2%), Jumei (JMEI -4.2%), NetEase (NTES -5.8%), Momo (MOMO -4.4%), and (WBAI -4%). The Nasdaq is down 0.8%.
    • Separately, the WSJ has taken a look at Alibaba and JD's efforts to grow sales to rural Chinese shoppers, as urban user growth slows. The number of rural Chinese shopping online rose 41% last year to 77M (compares with a rural Chinese population of 600M), outpacing the 17% growth seen in urban shoppers. Chinese rural per capita income was still less than 1/3 of urban levels as of 2013.
    | Mon, Aug. 31, 2:11 PM | 27 Comments
  • Tue, Aug. 25, 12:56 PM
    • The Shanghai exchange fell another 7.6% overnight, but that has been overshadowed by a surprise rate cut (delivered after Chinese markets closed) by the PBOC and a 3.4% Nasdaq gain. The Guggenheim China Tech ETF (CQQQ +5.3%) is up 16% from its Monday morning low, and down 36% from a May peak of $45.64.
    • Alibaba (BABA +6.5%) is among today's big gainers, as are e-commerce peers (JD +8.7%), Vipshop (VIPS +6.9%), LightInTheBox (LITB +13.1%), and Jumei (JMEI +12.1%). Other standouts include Weibo (WB +19.8%), 51job (JOBS +11.5%), Bitauto (BITA +10.2%), NQ Mobile (NQ +9.7%), Sohu (SOHU +6.7%), Ctrip (CTRP +8.1%), and NetEase (NTES +8.3%).
    • E-House (EJ +9.8%) and subsidiary Leju (LEJU +8.6%) are up strongly after posting Q2 beats (I, II) and respectively reiterating full-year revenue guidance of $1.05B-$1.1B (+16%-22% Y/Y) and $600M-$620M (+21%-25%). Qunar (QUNR +6.2%) is doing well after posting mixed Q2 results and issuing strong Q3 sales guidance.
    | Tue, Aug. 25, 12:56 PM | Comment!
  • Mon, Aug. 24, 9:22 AM
    • The Shanghai and Shenzhen exchanges nosedived again overnight as fears of an economic slowdown triggered panic selling, and U.S. futures are off sharply premarket. As one would expect, many U.S.-traded Chinese names are seeing big losses.
    • Baidu (NASDAQ:BIDU) -9.8% premarket. SINA -9.7%. Weibo (NASDAQ:WB) -10.5%. Ctrip (NASDAQ:CTRP) -9.4%. Qunar (NASDAQ:QUNR) -15%. SouFun (NYSE:SFUN) -15.4%. NQ Mobile -10.1%. Qihoo (NYSE:QIHU) -14.7%. YY -9.3%. Bitauto (NYSE:BITA) -8.8%. (NASDAQ:JD) -9.6%. Vipshop (NYSE:VIPS) -15.9%.
    • Alibaba (previous) is down 9.8% to $61.48, making new post-IPO lows along the way. Tencent (OTCPK:TCEHY) fell a relatively modest 5% overnight in Hong Kong.
    | Mon, Aug. 24, 9:22 AM | 12 Comments
  • Tue, Aug. 11, 12:27 PM
    • In its latest move to boost slowing economic growth, the PBOC has devalued the yuan, while insisting it's a one-time move. The yuan/dollar ratio is currently at 6.33, down from 6.21 yesterday.
    • A number of Chinese Internet stocks that record the lion's share of their revenue in yuan are seeing their U.S. shares (denominated in dollars, of course) underperform (CQQQ -3.4%) amid a 1.3% drop for the Nasdaq. Major decliners include Baidu (BIDU -3.8%), Qunar (QUNR -10.2%), Ctrip (CTRP -5.9%), (JD -5.8%), Sina (SINA -5%), NetEase (NTES -3.9%), Jumei (JMEI -10.7%), Youku (YOKU -6.2%), Bitauto (BITA -6.4%), Leju (LEJU -6%), Changyou (CYOU -7.7%), and Autohome (ATHM -5.3%).
    • Among Chinese solar names, Daqo (DQ -14.4%) and JinkoSolar (JKS -3.3%) are seeing big losses.
    • is adding to the Monday losses seen following a Morgan Stanley downgrade and news Alibaba has formed an alliance with major electronics retailer Suning. Both JD and Jumei could be affected by fellow online retailer Vipshop (down 11.1%), which yesterday afternoon provided light Q3 sales guidance to go with a Q2 EPS beat.
    • Yesterday: Chinese Internet stocks rally after Shanghai/Shenzhen post big gains
    | Tue, Aug. 11, 12:27 PM | 8 Comments
  • Tue, Aug. 4, 1:59 PM
    • Initially down yesterday following a Q2 beat (moreso on EPS than sales), strong Q3 guidance, and news Tencent is offering to take eLong private, Ctrip (NASDAQ:CTRP) has surged above $78 today. Morgan Stanley has upgraded the Chinese online travel leader to Overweight, and Deutsche has hiked its target.
    • Likely going over well: Ctrip suggested on its earnings call (transcript) it won't match archrival Qunar's (QUNR -0.4%) aggressive spending and promotional activity, at least on the high end. "I think on the low-end actually is getting more competitive with Qunar ... And they are adopting burning money strategy, where they offer the low-cost prices and with almost no ROI and negative ROI ... we can also do that, but we want to do it a bit more smarter way. So we will compete aggressively on this market, will maintain our market share on the low-end market as well. On the high-end because the customer is less [price] sensitive, they value service and brand so we seem we are to able to maintain a high growth, at the same time still keep a very reasonable profitability."
    • Ctrip also once more talked up its mobile growth: Cumulative app downloads have reached 1B, up 200M Q/Q and 5x Y/Y. Mobile transaction value rose 120% Y/Y.
    • Q2 results, guidance/details
    | Tue, Aug. 4, 1:59 PM | Comment!
  • Mon, Aug. 3, 7:03 PM
    • Ctrip (NASDAQ:CTRP) is guiding for 45%-50% Y/Y RMB-based revenue growth. Consensus in dollars is for 43% growth.
    • The modest size of Ctrip's Q2 sales beat could be disappointing investors, after a much bigger beat was delivered in May. Hotel (accommodation) revenue rose 47% Y/Y (volume +55%) to $178M, transportation (ticket) revenue 45% to $170M (volume +106%), packaged tour revenue 61% to $53M, and corporate travel revenue 34% to $19M.
    • R&D spend rose 66% Y/Y to $128M, sales/marketing 42% to $109M, and G&A 34% to $42M. Gross margin was 71% vs. 70% in Q1 and 72% a year ago.
    • Meanwhile, in tandem with its Q2 results, smaller Chinese online travel firm eLong (NASDAQ:LONG) has announced the receipt of an $18/share offer from messaging/gaming giant Tencent (OTCPK:TCEHY) to buy all of the eLong shares not currently owned by Tencent, certain members of management, and "major shareholders" controlling at least 70% of all voting rights.
    • Tencent owns 15% of eLong. In May, Ctrip spent $400M to take a 37.6% stake in eLong.
    • CTRP -1.7% AH to $70.25. LONG +10.1% to $15.65.
    • Ctrip: Q2 results, PR. eLong: Q2 results, PR.
    | Mon, Aug. 3, 7:03 PM | 2 Comments
  • Mon, Aug. 3, 6:07 PM
    • (NASDAQ:CTRP): Q2 EPS of $0.30 beats by $0.14.
    • Revenue of $407.6M (+46.8% Y/Y) beats by $0.81M.
    • Press Release
    | Mon, Aug. 3, 6:07 PM | Comment!
  • Sun, Aug. 2, 5:35 PM
  • Tue, Jul. 7, 10:42 AM
    • The selloff in Chinese equities refuses to let up: Shanghai fell 1.3% overnight, Shenzhen fell 5.3%, and Hong Kong fell 2.7%. The declines come amid a backdrop of frantic government efforts to halt the plunge, and requests by hundreds of Chinese companies for trading halts.
    • The lion's share of U.S.-traded Chinese Web and mobile firms are down at least 5%, and many are down more than twice that. In alphabetical order by ticker, major decliners include Autohome (ATHM -10.6%), Bitauto (BITA -18.7%), Baozun (BZUN -22.7%), ChinaCache (CCIH -14.6%), Cheetah Mobile (CMCM -15.2%), China Mobile Games (CMGE -13.2%), Ctrip (CTRP -10.1%), Changyou (CYOU -12.6%), Dangdang (DANG -13.8%), iDreamSky (DSKY -15.4%), E-House (EJ -15.9%), Jumei (JMEI -20.2%), Leju (LEJU -12.1%), eLong (LONG -12.6%), Momo (MOMO -9.4%), NQ Mobile (NQ -16.7%), NetEase (NTES -12.2%), Qihoo (QIHU -10.3%), Qunar (QUNR -14.2%), Renren (RENN -17.8%), SouFun (SFUN -16.3%), Sohu (SOHU -10.9%), Taomee (TAOM -15.1%), Vipshop (VIPS -9.7%), Weibo (WB -10.9%), (WBAI -26.2%), Wowo (WOWO -26.7%), (WUBA -17.3%), Xunlei (XNET -14%), Youku (YOKU -12.2%), and YY (YY -9.4%).
    • The plunge seen over the last two months (aided by panic selling and margin calls?) has led multiples for U.S.-traded Chinese tech names to compress dramatically, with forward P/E and P/S ratios often below those of U.S. peers sporting similar growth profiles. The Guggenheim China Tech ETF (CQQQ -9.3%) is down 29% from a May peak of $45.64.
    • Yesterday: Chinese tech stocks tumble again in spite of fresh government support
    • Earlier today: Chinese phone firms decline as country's markets sink
    • Update: The group pared its losses a bit in afternoon trading. CQQQ closed down 5.8%.
    | Tue, Jul. 7, 10:42 AM | 49 Comments
  • Thu, Jun. 18, 6:17 PM
    • Ctrip (NASDAQ:CTRP) is now selling $1.1B worth of convertible senior notes, up from the $1B announced yesterday. The Initial purchaser has $165M worth of overallotment options.
    • $700M worth of 1% 2020 notes are being sold, as are $400M worth of 1.99% 2025 notes. The 2020 notes have a conversion price of $108.76 (45% above current levels), and the 2025 notes a conversion price of $106.89 (43% above current levels).
    | Thu, Jun. 18, 6:17 PM | Comment!
  • Wed, Jun. 17, 5:11 PM
    • Ctrip (NASDAQ:CTRP) plans to sell $1B worth of convertible senior notes due 2020 and 2025. Initial purchasers are expected to have a $150M overallotment option.
    • The Chinese online travel leader plans to use most of the proceeds for "general corporate purposes, including a concurrent repurchase of its ADSs and potential note retirement from time to time." It had $1.9B in cash/short-term investments at the end of Q1, and $1.8B in debt.
    • CTRP -1.9% AH to $74.00. The offering comes after archrival Qunar received a $500M investment and announced aggressive Q2 spending plans (particularly for offline marketing/mobile customer-acquisition).
    | Wed, Jun. 17, 5:11 PM | Comment!
  • Thu, Jun. 11, 10:36 AM
    • Home Inns & Hotels Management (NASDAQ:HMIN) announces it received a go-private offer at $32.81 per U.S. ADR from a buyers group which includes BTG Hotels, Victory Investments, (NASDAQ:CTRP), and the company's Co-Chairman of the Board. and a group of
    • The buyers group already collectively owns 35% of the shares.
    • HMIN +4.10% to $31.41.
    • English version of Home Inns PR
    • Previously: Trading halted on Home Inns & Hotels Management
    | Thu, Jun. 11, 10:36 AM | Comment!
CTRP vs. ETF Alternatives
Company Description International Ltdprovides travel related services including hotel reservation, air-ticketing, packaged-tour services, as well as, to a much lesser extent, Internet-related advertising and other related services.
Sector: Services
Country: China