Ctrip.com International, Ltd.NASDAQ
Ctrip Has Been Thrown Out With The Bathwater
Alpha Gen Capital
Alpha Gen Capital
Nov. 18, 2015, 5:03 PM
- Ctrip.com (NASDAQ:CTRP): Q3 EPS of $2.20 may not be comparable to consensus of $0.09
- Revenue of $501M (+49% Y/Y) beats by $10.36M.
- Shares +4% AH.
Nov. 17, 2015, 5:35 PM
Nov. 13, 2015, 11:38 AM
- Raymond James has downgraded Ctrip (NASDAQ:CTRP) to Outperform from Strong Buy.
- The move comes after Ctrip soared in late October in response to a deal to acquire Baidu's stake in top Chinese online travel rival Qunar, thus potentially ending a costly price war/advertising battle between the companies. Shares remain up 112% YTD.
Nov. 13, 2015, 2:02 AM
- MSCI has outlined which overseas-listed Chinese shares will be added to its Emerging Markets Index (ETF: EEM) from Dec. 1, a move that is likely to draw investments of $70B.
- ADRs to be included: 58.com (NYSE:WUBA), Alibaba (NYSE:BABA), Baidu (NASDAQ:BIDU), Ctrip.com (NASDAQ:CTRP), JD.com (NASDAQ:JD), NetEase (NASDAQ:NTES), New Oriental Education (NYSE:EDU), Qihoo 360 (NYSE:QIHU), Qunar (NASDAQ:QUNR), SouFun (NYSE:SFUN), TAL Education (NYSE:XRS), VipShop (NYSE:VIPS), Youku Tudou (NYSE:YOKU) and YY.
- Stocks listed in mainland China, known as A-shares, are still under review for inclusion in the index.
- Previously: MSCI paves road for A-share inclusion through ADRs (Nov. 02 2015)
Oct. 26, 2015, 1:27 PM
- Priceline (NASDAQ:PCLN) is up strongly following news Chinese online travel leader Ctrip (CTRP +21.1%), in which Priceline has an 11.6% stake, announced it's acquiring Baidu's stake in top rival Qunar (QUNR +15.9%) in exchange for shares.
- Expedia (NASDAQ:EXPE), which formed an alliance with Ctrip earlier this year as part of a deal to unload its 62.4% stake in struggling Ctrip/Qunar rival eLong, is also doing well.
- The deal leaves Ctrip owning 45% of Qunar's voting interests, and Baidu owning 25% of Ctrip's voting interests. It brings together China's two biggest online travel firms, and could lead each company to pare back the aggressive promotions and heavy marketing spend it has supported in the name of taking share from the other.
- HSBC's Chi Tsang: "Essentially it’s a merger between the two companies. If you look at the travel market, it’s such an obvious way to drive synergy through consolidation.” As part of the deal, Ctrip has won seats on Qunar's board, and Baidu seats on Ctrip's board.
- At current levels, Priceline's 17.5M-share stake in Ctrip is worth $1.58B. Expedia reports on Thursday afternoon, and Priceline on the morning of Nov. 9.
Oct. 26, 2015, 12:45 PM
Oct. 26, 2015, 9:15 AM
Oct. 26, 2015, 7:41 AM
- Ctrip (NASDAQ:CTRP) announces it completed a share exchange transaction with Baidu (NASDAQ:BIDU) involving travel site player Qunar Cayman Islands.
- Baidu will receive 11,488,381 shares of Ctrip in exchange for 178.7M class A ordinary shares and 11.45M class B shares of Qunar Cayman Islands (NASDAQ:QUNR).
- After the transaction closes, Baidu will own shares representing 25% of Ctrip's voting interests.
- Baidu and Ctrip also say they agreed to work together on more products and services.
- CTRP +20.4% premarket to $89.50. Baidu +8.47% to $170.95. QUNR +33.1% to $52.60.
Oct. 2, 2015, 11:58 AM
- It's a big day for companies with an association to gambling and tourism in China after reports of increased cooperation from the government set off some buying enthusiasm.
- Outside of the main group of Macau casino names, gainers today include Qunman Cayman (NASDAQ:QUNR) +10.4%, Ctrip (NASDAQ:CTRP) +5.7%, Iao Kun Group (NASDAQ:IKGH) +4.1%, Galaxy Entertainment (OTCPK:GXYEF) +8.5%, and Tunio (NASDAQ:TOUR) +6.4%.
- Previously: Beijing to the rescue in Macau
- Previously: Huge rip for Wynn Resorts amid sunny day in Macau
Sep. 16, 2015, 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.com (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%).
- ETFs: KWEB, QQQC, EMQQ
Sep. 15, 2015, 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.
Sep. 4, 2015, 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.com (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.
- ETFs: KWEB, QQQC, EMQQ
Aug. 31, 2015, 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.com (JD -3.2%), Jumei (JMEI -4.2%), NetEase (NTES -5.8%), Momo (MOMO -4.4%), and 500.com (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.
- ETFs: QQQC, KWEB, EMQQ
Aug. 25, 2015, 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.com (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.
- ETFs: QQQC, KWEB, EMQQ
Aug. 24, 2015, 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%. JD.com (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.
- ETFs: CQQQ, KWEB, QQQC, EMQQ
Aug. 11, 2015, 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.com (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.
- JD.com 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.
- ETFs: KWEB, QQQC, EMQQ
- Yesterday: Chinese Internet stocks rally after Shanghai/Shenzhen post big gains