Jefferies has released a research report indicating that TRIP.COM-S (09961) delivered better-than-expected results for the second quarter of 2026. The company's total revenue aligned with market consensus and came in 1% above the brokerage's own projection.

On an adjusted basis, operating profit—which excludes share-based compensation expenses and antitrust fines—surpassed both market expectations and Jefferies' estimates by 4%. Additionally, adjusted earnings per share also outperformed the consensus forecast and the firm's internal modeling.

The brokerage maintains a "Buy" rating on the stock with a target price of HK$491. Looking ahead, Jefferies will monitor market feedback on the new commission structure and trends in travel demand.

During the period, TRIP.COM-S reported adjusted operating profit of approximately RMB 4.37 billion, exceeding the market consensus and Jefferies' forecast of around RMB 4.2 billion. The adjusted operating margin—excluding share-based compensation—stood at 28%, also higher than the firm's projection of 27.1%. Adjusted net profit reached RMB 4.8 billion, surpassing the market consensus of RMB 4.1 billion and Jefferies' estimate of RMB 3.8 billion.