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PR Newswire (Feb 19, 2014)
eLong to Announce Fourth Quarter and Fiscal Year 2013 Unaudited Financial Results on February 19, 2014PR Newswire (Jan 28, 2014)
PR Newswire (Jan 2, 2014)
at MarketWatch.com (Jul 27, 2012)
at MarketWatch.com (May 17, 2011)
at MarketWatch.com (Sep 23, 2010)
at MarketWatch.com (Aug 2, 2010)
at MarketWatch.com (Jul 30, 2010)
at MarketWatch.com (Jun 1, 2010)
at MarketWatch.com (Jul 27, 2012)
at MarketWatch.com (May 17, 2011)
LONG vs. ETF Alternatives
ELong, Inc., is engaged in the provision of travel services, including hotel information and reservation services, airline reservations and ticketing, internet-related advertising and other related services in the People's Republic of China.
Thursday, Feb 272:21 PM
Thursday, Feb 272:21 PM| Comment!
- Sources tell Marbridge Consulting Alibaba (ABABA) is talking with Ctrip (CTRP +6.9%) about a possible investment.
- Alibaba took stakes in AutoNavi and Sina's Weibo microblogging platform last year. Marbridge's track record with investment/M&A rumors is mixed, but it has made some accurate calls in recent months.
- Ctrip has rallied above $55, and Chinese online travel rivals Qunar (QUNR +3.3%) and eLong (LONG +8.3%) are also posting sizable gains.
- Separately, the WSJ reports Chinese messaging/gaming giant Tencent (TCEHY) is looking to buy a stake in top Alibaba rival JD.com, which recently filed for a $1.5B IPO.
Wednesday, Feb 196:28 PM
Monday, Jan 2712:44 PM
Monday, Jan 2712:44 PM| 16 Comments
- U.S. and Chinese Internet stocks are adding to last week's big losses, as investors continue taking profits following major 2013 gains. Chinese stocks were hit last week by an emerging markets selloff, weak PMI data, and an SEC ban (pending appeal) on audits from the Chinese units of big-4 U.S. accounting firms.
- Twitter (TWTR -8.2%), the company bears are most likely to point to when arguing a new Internet stock bubble has formed, is headlining the U.S. decliners. Shares are still up 25% from their post-IPO opening trade of $45.10.
- Other U.S. decliners: GOOG -3.1%. FB -2.9%. YELP -5.3%. Z -5.1%. LNKD -4.3%. P -3.2%. ANGI -4.1%. ZNGA -3.1%. GRPN -3.1%.
- Chinese decliners: BIDU -2.9%. CCIH -19%. BITA -14.6%. CTRP -7.4%. NQ -7.9%. LONG -9.4%. DANG -7.3%. SOHU -4.3%. GOMO -5.8%. SINA -3.3%. QUNR -7.7%. SFUN -5.4%. WBAI -7.5%. RENN -5%.
- Internet/social media ETFs: FDN, PNQI, SOCL
Friday, Dec 272013, 12:41 PM
Friday, Dec 272013, 12:41 PM| Comment!
- 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.
- Previous: Ctrip invests in, strikes partnership with online car rental firm
Friday, Nov 12013, 11:12 AM
Friday, Nov 12013, 11:12 AM| 1 Comment
- After pricing its 11.1M-share IPO at $15 (above an elevated price range of $12-$14), Qunar (QUNR) opened at $28.35 and is now at $32.30, up 115.3%. That gives the Chinese online travel site a valuation of $3.64B, which in turn means Baidu's (BIDU) 58.8% post-IPO stake is worth $2.14B.
- For reference, Qunar had 2012 sales of just $81.7M, and 1H13 sales of $58.5M (+75% Y/Y).
- Rivals Ctrip (CTRP +1.2%) and eLong (LONG +1.7%) are trading higher.
- F-1, IPO preview
Friday, Oct 252013, 4:21 PM
Friday, Oct 252013, 4:21 PM| 4 Comments
- Chinese Internet and solar stocks, many of which have skyrocketed this year, have closed with decent losses after the Shanghai exchange fell for the fourth day in a row amid credit crunch worries, and as NQ Mobile continued to feel the impact of Muddy Waters' fraud allegations.
- Muddy Waters' detailed accusations regarding ghost addresses, a shell company, inflated market share figures, dubious cash balances, and spyware are likely to yield fresh scrutiny of the financial statements provided by Chinese ADRs, and could also affect the reception given to upcoming IPOs (I, II). Investor concerns about the bookkeeping of U.S.-traded Chinese firms had diminished some this year.
- Chinese Internet decliners: VIPS -9.1%. AMAP -6.1%. YY -6%. QIHU -4.8%. PWRD -5.7%. CYOU -4.7%. SINA -3.8%. LONG -3.5%. YOKU -3%.
- Chinese solar decliners: YGE -12.2%. JKS -9.4%. JASO -9%. DQ -7.2%. TSL -6.8%. CSIQ -4.8%. CSUN -4.4%.
Wednesday, Oct 22013, 12:47 PM|Wednesday, Oct 22013, 12:47 PM| 1 Comment
Monday, Sep 302013, 6:10 PM
Monday, Sep 302013, 6:10 PM| Comment!
- Chinese online travel site Qunar, currently 61%-owned by Baidu (BIDU), has filed for a $125M IPO under the symbol QUNR. Goldman, Deutsche, Stifel, and Pac Crest are the underwriters. (S-1)
- Qunar competes against the likes of Ctrip (CTRP) and eLong (LONG) in a growing Chinese online travel bookings market; the company claimed earlier this year it passed Ctrip to become China's top airfare bookings site. The company had 1H revenue of $58.5M (+75% Y/Y), and a net loss of $2.8M. Ctrip had revenue of $390M over the same timeframe.
- Qunar says it had 202.2M Web users at the end of June, up from 187.3M at the end of 2012. Mobile users totaled 39.6M at the end of June, up from 21.9M at the end of 2012.
Wednesday, Sep 252013, 12:30 PM
Wednesday, Sep 252013, 12:30 PM| Comment!
- 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.
Thursday, Aug 152013, 2:56 AM
Thursday, Aug 12013, 10:05 AM
Thursday, Aug 12013, 10:05 AM| Comment!
- For the second quarter in a row (previous), Ctrip (CTRP +23.2%) is taking off after soundly beating estimates. eLong (LONG +12.7%) is rallying in sympathy.
- Q3 guidance is for 20%-25% revenue growth, in-line with a 23.9% consensus. But the Chinese online travel service firm has shown over the last 2 quarters it guides conservatively.
- Though the results show Ctrip continues to face price pressure (long a concern of many analysts), the company's huge volume growth is more than making up for it.
- Q2 hotel reservation revenue (39% of total) +13% Q/Q and +25% Y/Y, with volumes up 44% and commission/room down 14%.
- Air ticketing services revenue (40% of total) +14% Q/Q and +40% Y/Y, with volumes up 34% commission/ticket down 6%.
- Packaged tour revenue -20% Q/Q (seasonality) and +40% Y/Y. Corporate travel +29% Q/Q (seasonality) and +34% Y/Y.
- Gross margin was 75%, +100 bps Q/Q and flat Y/Y.
- Sales/marketing spend +25% Y/Y, R&D +49%, G&A +14%. Revenue growth was 28%. Op. margin was 16% vs. 14% in Q1 and 17% a year ago.
- Ctrip mentioned on its CC mobile has become a growth driver, accounting for 20% of hotel bookings and 15% of air ticket bookings.
- Morgan Stanley has downgraded Ctrip on valuation grounds. But Stifel and Barclays have upgraded shares.
- Q2 results, PR, CC transcript
Thursday, May 92013, 9:19 AMCtrip (CTRP) +16.6% following its Q1 beat. The Chinese travel bookings site is guiding for 15%-20% Y/Y Q2 revenue growth, below a 20.6% consensus. But expectations have been depressed by concerns about price competition, and the Street might view guidance as conservative following a string of beats. Q1 gross margin was 74%, flat Q/Q and down 100 bps Y/Y. Hotel bookings revenue +23% Y/Y, plane tickets +27%, packaged tours +41%, corporate travel +31% - all 4 growth rates were faster than Q4's. eLong (LONG) could rally in sympathy. (PR) (transcript) |Thursday, May 92013, 9:19 AM| Comment!
Monday, Apr 152013, 2:48 PMBaidu (BIDU -1.2%) has reportedly taken part in a $57M funding round for its Qunar Chinese online travel unit. Baidu bought a majority stake in Qunar for $306M in 2011. Since then, the business has taken off, with Qunar (according to Baidu, at least) having recently passed Ctrip (CTRP) as China's top airfare bookings site, though it has recently had to contend with a boycott from partners upset about pricing/policy changes. Qunar, believed to be plotting a much-delayed IPO, also competes with Alibaba and eLong (LONG); the latter is backed by Tencent. |Monday, Apr 152013, 2:48 PM| 1 Comment
Thursday, Feb 212013, 6:22 PM
Friday, Nov 162012, 4:56 PMeLong's (LONG -2.2%) Q3 results suggest Ctrip (CTRP -5%) is losing share in the Chinese online travel market, thinks Citi. While eLong posted 24% Y/Y revenue growth and 70% hotel bookings growth, Ctrip respectively posted growth rates of 40% and 11%. Ctrip rallied last week after beating Q3 estimates and providing decent Q4 guidance; shares have bounced over the last 3 months of the year after falling hard over the first 7. |Friday, Nov 162012, 4:56 PM| Comment!
Friday, Nov 162012, 7:29 AM