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Deep-dives

Deep-dive: Trip.com (TCOM US)

China's largest online travel agent, now expanding internationally

Michael Fritzell

Michael Fritzell

— 5 min read
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Deep-dive: Trip.com (TCOM US)

Hi! Welcome to a subscriber-only edition of Asian Century Stocks – a newsletter about Asian value stocks. For a complete list of all previous posts, check out the Table of Contents.

Disclaimer: I am not licensed or regulated by the Monetary Authority of Singapore, and I am not a financial adviser. This post reflects my personal opinions and is provided for informational purposes only. Nothing in it is a recommendation or an offer to buy, sell or hold any security, and it does not constitute financial, investment or any other form of advice. Nothing here takes into account your investment objectives, financial situation or particular needs. Investing involves substantial risk, including the complete loss of capital. Before making any investment decision, do your own research and consult a financial adviser licensed by the Monetary Authority of Singapore. Any estimates, forecasts or forward-looking figures are my own unless stated otherwise. They rest on assumptions that may prove wrong, and actual outcomes may differ materially. As of 23 August 2026, I do not hold a position in Trip.com (TCOM US / 9961 HK). This disclosure reflects my position on the date stated and will not be updated if it changes. I receive no compensation from any company mentioned in this post, nor from any broker, distributor, platform, fund, publication or product issuer. My revenue comes solely from reader subscriptions to Asian Century Stocks. Michael Fritzell, published by Delante Media Pte Ltd.

US online travel agent Booking Holdings (BKNG US — US$158 billion) built a dominant online travel business across the United States and Europe over the past 20 years. And the business seems to be going from strength to strength.

In Asia, we have India's MakeMyTrip (MMYT US – US$5.7 billion), which dominates that market and trades at a 5.0x EV/Sales multiple with weak profitability. Then we have China's Trip.com (TCOM US / 9961 HK – US$28 billion), which trades at 12x forward P/E but carries regulatory risk and a VIE structure that's causing some investors to stay away. But let's dig into the story anyway.

Trip.com is the company formerly known as "Ctrip". It's a typical two-sided network, where hotels and airlines offer room inventory and airline tickets on Trip's platforms. Meanwhile, users go to the website to browse for tickets and pay through an online checkout process.

The company has dominated the Chinese online travel agent market for decades, despite recurring threats from Qunar, Meituan, eLong, Fliggy, and now Douyin. The domestic market share remains over 50%, driven by slick user interfaces and strong customer support. Meituan dominates only the sub-CNY 200 room market, where price matters more than brand.

Just like many other Chinese tech companies, Trip.com has invested heavily in its international platform. The website traffic to the international brand "Trip.com" has gone from 1 million monthly users in 2022 to 6 million today.

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