Ctrip.com International, Ltd. (ADR) (NASDAQ:CTRP)

CAPS Rating: 3 out of 5

The Company is a consolidator of hotel accommodations and air tickets in China.

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Member Avatar gartheee (46.06) Submitted: 5/8/2014 12:18:45 PM : Outperform Start Price: $48.62 CTRP Score: +18.41

had been battered down probably by the deal with qunar falling through and general worry about china, but a good earnings report this quarter will bring interest back for at least the next few months

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Member Avatar chris293 (82.79) Submitted: 2/20/2014 4:19:25 PM : Outperform Start Price: $49.59 CTRP Score: +13.48

A good record so far.

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Member Avatar JorgeAura (21.37) Submitted: 2/2/2013 5:03:25 PM : Underperform Start Price: $20.24 CTRP Score: -166.04

Nasdaq in maximums.

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Member Avatar CarlosDK (< 20) Submitted: 1/17/2013 10:33:55 AM : Underperform Start Price: $24.42 CTRP Score: -112.47

unsuistain stockcon

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Member Avatar izzy2020 (60.91) Submitted: 8/10/2012 8:52:26 PM : Outperform Start Price: $13.45 CTRP Score: +308.04

China is doing nothing but grow. This solid company will do so too. Period.

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Member Avatar DocMonty72 (86.45) Submitted: 7/3/2012 10:46:22 AM : Outperform Start Price: $16.54 CTRP Score: +220.16

Undervalued. China growth.

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Member Avatar kurt632 (< 20) Submitted: 6/22/2012 3:08:28 PM : Outperform Start Price: $16.99 CTRP Score: +206.66

Growth in China will be consistent and outpace that of the US for the foreseeable future. Ctrip.com is positioned to profit as the Chinese middle class grows.

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Member Avatar steveinturkey (91.90) Submitted: 12/30/2011 11:13:48 AM : Outperform Start Price: $23.95 CTRP Score: +94.04

Growth may have slowed but at current multiples this stock is cheap.

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Member Avatar mopoff (< 20) Submitted: 9/2/2011 12:28:44 PM : Outperform Start Price: $39.60 CTRP Score: -15.85

HG

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Member Avatar Allstar13913 (99.83) Submitted: 7/27/2011 10:08:37 PM : Outperform Start Price: $45.64 CTRP Score: -22.85

Great Company that I used while in China a few years ago. Ads were everywhere and several Chinese folks recommended the site to me for hotel deals.

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Member Avatar JanBarleycorn (27.78) Submitted: 5/25/2011 2:03:10 AM : Outperform Start Price: $42.96 CTRP Score: -10.56

Good 3 Yr EPS & Revenue Growth.

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Member Avatar thunderhawke23 (47.02) Submitted: 5/16/2011 11:22:09 PM : Outperform Start Price: $43.25 CTRP Score: -11.07

Best run online travel company in the world, has a great service in China, could be a huge competitor if it moves overseas

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Member Avatar Calinvestments (96.56) Submitted: 5/13/2011 1:29:33 PM : Outperform Start Price: $47.22 CTRP Score: -21.47

This is a small/mid cap high growth stock that should outperform the S&P during the bull market.

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Member Avatar TedKnudson (34.88) Submitted: 5/8/2011 4:11:22 PM : Outperform Start Price: $48.00 CTRP Score: -23.25

China's middle class will continue to grow, increasing their travel, and continuing to shop for travel deal.

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Member Avatar ICTOptimist (< 20) Submitted: 3/26/2011 6:44:32 PM : Outperform Start Price: $39.66 CTRP Score: +0.34

Strong China consumer growth. Emerging markets currently out of favor.

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Member Avatar TMF1000 (99.68) Submitted: 3/20/2011 12:50:34 PM : Outperform Start Price: $16.78 CTRP Score: +145.21

I placed Ctrip on my Caps in October of 2008 when recession fears were strong. I have been studying them for about 5 years. I decided to buy an initial position in them recently and I want to establish a larger position in them. I feel more comfortable investing in them, though I still feel it is hard to research Chinese stocks. But my reasons for buying and wanting to establish a larger position in them are below along with some history.

Ctrip (CTRP)
Price $37.26

Today the price is $37.26 and its PE ratio is 35.15.

History:

3rd quarter highlights: 11/10/2005

** Net revenue $17.4 million
** Net income was $8.1 million up 71% year-on-year
** Net income per diluted ADR is $0.06
** Net margin reached a record 47% in the third quarter of 2005
** TTM earnings $0.38 - PE
** Cash $82,203,966
** No debt
** Hotel reservation revenues $11.9 million up 29% increase from the same period in 2004 and a 4% increase from the second quarter of 2005
** The total number of hotel room nights booked was approximately 1.44 million in the third quarter of 2005, compared to approximately 1.13 million room nights for the same period in 2004 and approximately 1.39 million room nights in the second quarter of 2005.
** Air ticket booking revenues $5.7 million up 160% increase from the same period in 2004 and a 25% increase from the second quarter of 2005, primarily due to a strong growth of air tickets sales volume.
The total number of air tickets sold in the third quarter of 2005 was approximately 1.02 million air tickets, compared to approximately 490,000 for the same period in 2004 and approximately 800,000 in the second quarter of 2005.
**Packaged-tour revenues were $807,779 up 120% from the same period in 2004 and 13% from the second quarter of 2005.

1Q:2006 May 17, 2006 highlights:
** Revenues $19 million
** Net income $6 million or 8 million excluding option based compensation
** Net income per share $0.045 up from $0.0375
** TTM $0.223 I am using GAAP earnings so I am including option expense this year. Next year the comparison will be better. I prefer to do it this way. I feel it's a more conservative approach.
** Option compensation represented 9% of revenues
** Hotel reservation totaled $12 million up 36% down sequentially due to a seasonally weaker first quarter as a result of reduced hotel bookings from proceeding quarter during the Chinese New Year Holidays. During the Chinese New Year holiday people stay with relatives, so we can expect a weak first quarter and this fact may provide buying opportunities in the future.
** Total hotel room nights booked 1.38 million compared to 1.1 million
** Air ticket booking $7 million up 103% form last year
** Total air tickets sold 1.28 million compared to .68 million last year
** Packaged-tour $1 million up 173% last year and up 32% sequentially. The Chinese New Year does not appear to affect the packaged tour business segment.
** Trading range between May 17, 2006 and August 9, 2006 was $11.12 and $14.13
** PE range 50 – 63.5.

2Q:2006 August 9, 2006 earnings Highlights:
** Revenue $24 million up 47% from last year
** Net income $8 million
** Diluted earnings per share $0.056, excluding share base compensation it would be $0.07. Share based compensation accounted for 7% of sales $0.013 per share. GAAP earnings last year were $0.053
** TTM earnings were $0.223
** Hotel reservation revenue $15 million up 28% from last year
** Their Hotel supply network is 3800 hotels up from 3380 last year
** Total number of hotel room nights booked 1.7 million up from 1.39 million last year
** Air ticket booking $9 million up 94% from last year: total number of air tickets sold 1.49 million compared to 0.8 million last year.
** Packaged-tour revenues $1 million up 48% from last year down 7% sequentially due to a focus on FIT tour packages which increased 121% while ending the low-end group tour service.
** The company launched high-end group tours for Japan, Korea, Australia and Europe
** Trading range between August 9, 2006 and November 8, 2006 was $10.60 and $14.13. The low was set on August 10, right after the second quarter announcement. The drop was about $1.00 per share. It rebounded quickly.
** PE Range was 46.59 and 62

3Q:2006 Earnings highlights dated November 8, 2006:
** Revenues $26 million up 47% from last year
** Net income $8 million – Excluding share-based compensation Net income was $10 million up 20% from last year.
** Diluted earnings per share $0.063 excluding compensation charges earnings were $0.075. Last year earnings were $0.063.
** TTM $0.228
** Cash $96,077,597
** Hotel supply network grew to 4000 hotels
** Hotel reservations revenues were $16 million up 30% from last year and up 6% sequentially. Total number of hotel room nights booked was 1.82 million up from 1.44 million last year.
**Average commission per room night $9.00 compared to $8.00 last year.
** Air ticket booking revenue $10 million up 73% from last year and up 11% increase sequentially. The total number of air tickets sold in the third quarter of 2006 was approximately 1.72 million, compared to approximately 1.02 million last year. The average commission per air ticket was $6 in the third quarter up slightly from last year, but down slightly sequentially.
** Packaged-tour revenues $2 million up 97% and up 49% sequentially helped by the FIT (frequent independent Travelers) tour packages.
** The company added 76,000 new customers this quarter
** Active customers in their network 3.3 million
** Diluted share adr 71.2 million
** Trading range between November 8, 2006 and February 11, 2007 was $13.32 to $18.17: PE range was 58.52 to 82.19

February 11, 2007 4Q:2006 highlights:
** 4Q revenues $29 million up 45% from last year
** Net income was $9 million or $0.065 per share up from $8.1 million or $0.063 last year. Stock based compensation dropped the earnings by $0.013.
** Fiscal 2006 revenues were $107.7 million up from $72.2 million last year
** Fiscal net income was $31 million or $0.233 per share from $29 million or $0.22 last year. Share based compensation cost the company $0.053 for the year.
** 4Q:2006 Hotel reservation revenues were $18 million in the fourth quarter up 33% from last year and up 10% sequentially. The total number of hotel room nights booked was approximately 1.94 million in the fourth quarter of 2006, compared to approximately 1.52 million room nights for the same period in 2005 and approximately 1.82 million room nights in the previous quarter. The average commission per room night was RMB71 (US$9) in the fourth quarter of 2006, compared to RMB68 (US$8) in the same period in 2005 and RMB69 (US$9) in the previous quarter.
** Fiscal 2006 hotel reservations revenues were $61 million up 31% from last year. The hotel reservations made up 57% of the total revenues this year compare to 65% last year. The total nights booked were approximately 6.84 million in 2006 up from 5.45 booked in 2005.
** Air bookings for the fourth quarter were $11 million up 72% from last year and up 11% sequentially. The Company sold approximately 1.90 million tickets up from 1.17 million last year. The average commission per air ticket was $6.00 up from $5.00 last year.
** Fiscal 2006 air tickets sold were $39 million up 83% from last year. This represents 36% of total revenues for the year. The total number of air tickets sold was approximately 6.39 million in 2006 up from 3.67 million air tickets sold last year.
** 4Q:2006 packaged-tour revenues were $1 million up 56% from last year, down 15% sequentially.
** Fiscal 2006 packaged tour revenues were $5 million up 83% from last year and represented 5% of total revenues for the Company.
** Cash $20.578 million
** Cash flow was $28.04 million for fiscal 2006
** The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the noon buying rate of USD1.00=RMB7.8041 on December 31, 2006
** Special note: the stock dropped $1.75 on the basis of this report.
** Trading range between February 11, 2007 and May 16, 2007 was $13.77 to $19.75: PE Range was 59.19 to 84.94

May 16, 2007 1Q:2007 highlights:
** Net revenues $30.067 million up 49% from $19 million last year
** Hotel reservation revenue was $17,281,473 up 40% from last year. This was a sequential drop form the fourth quarter of 3% due to the seasonal weak first quarter where there generally fewer hotel booking from business during the Chinese New Year Holidays and the traditional Spring festival. During the holidays travelers tend to stay with relatives.
** Number of room booked was approximately 1.92 million compared to 1.38 million last year down from 1.94 million in the fourth quarter.
** Air Ticket booking revenue was $12,250,980 up 64%
** Very interesting to note that Air Ticket sold in the first quarter was 2.22 million up from 1.28 million last year, and up from 1.90 in the fourth quarter. Travel is up sequentially, but it is traditional during the holidays for Chinese to stay with relatives rather than stay at hotels. So, travel is up, but hotel bookings will generally be down for the first quarter from the fourth.
** Packaging tour $2,071,198 up 73% from last year and up 46% from the fourth quarter
** Other revenue $660,353
** Cash $123,393,587 and no debt
** Diluted share count 135 million
** The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the noon buying rate of USD1.00=RMB7.7232 on March 31, 2007
** Net income was $8,406,149
** Earnings per share were $0.063 up from $0.045
** Share based compensation was $0.0123
** TTM earnings were $0.25
** Trading range between May 16, 2007 and August 6, 2007 was $17.63 to $22.48. The PE ratio range was 70.51 to 82.

August 6, 2007 2Q:2007 earnings’ highlights:
** Revenues $37,837,427 up 52% from $24,000,000
** Net income per share $0.085 per ADS, $0.17 for ordinary shares: Excluding share-based compensation charges, the diluted earnings per ADS were $0.11, for the second quarter of 2007. Keep in mind earnings will never grow as

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Member Avatar Fareed69 (23.93) Submitted: 2/2/2011 6:02:26 AM : Outperform Start Price: $42.00 CTRP Score: -9.55

Happy to have held CTRP for almost five years, and the next five years are going to be great as well. Chinese middle class will continue to grow.

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Member Avatar rabbitt0 (98.41) Submitted: 12/28/2010 2:13:25 PM : Outperform Start Price: $12.92 CTRP Score: +305.71

Continuing to kick butt...

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Member Avatar mechming (36.50) Submitted: 12/7/2010 2:28:05 AM : Outperform Start Price: $45.18 CTRP Score: -27.74

Used their site when I recently booked a trip to China. Apparently this is what people who know what's up use nowadays when booking China trips...

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Member Avatar milne005 (29.16) Submitted: 11/23/2010 3:42:16 PM : Outperform Start Price: $46.46 CTRP Score: -38.97

11/22/2010 IBD #52

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