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Chinese online travel agency offering flight, hotel, train and bus bookings, with strong penetration in lower-tier Chinese cities, backed by Tencent.
Chinese online travel agency offering flight, hotel, train and bus bookings, with strong penetration in lower-tier Chinese cities, backed by Tencent.
Earns commissions from airlines, hotels and bus and rail operators on bookings made through its app and WeChat mini-programs, plus fees on add-on services such as insurance. WeChat supplies customer traffic from smaller cities.
In one line: China's Expedia, focused on lower-tier cities via WeChat.
Moat: narrow (network effects, distribution, brand). Deep WeChat/Tencent ecosystem integration gives distribution reach into lower-tier city travelers underserved by rivals.
Headquarters: Suzhou, China · Founded: 2004 · Employees: 11,249
Size Tongcheng Travel (0780.HK) is a Hong Kong Consumer Discretionary company (Other Consumer Services) with a market value of $3.38B, the 319th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$11.27 on 6 Nov 2026.
Performance Over six months the shares fell 36.8%, against +0.2% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 15.1% over the last twelve months (peer median +7.1%); the operating margin is 17.2% (peer median 11.6%).
Valuation It trades at 6.1× forward earnings against a peer median of 12.0× (cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -15% a year for seven years (Req g). Recent delivered growth is +26%, so the hurdle is -41 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.5 points above its cost of capital (8.8% WACC).
Next results Next results expected around 24 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$22.7B | HK$21.0B | HK$18.8B | HK$13.1B | HK$7.66B |
| Revenue growth | — | +12% | +43% | +72% | — |
| Gross profit | HK$15.2B | HK$13.0B | HK$11.2B | HK$8.83B | HK$4.75B |
| EBITDA | HK$5.45B | HK$4.94B | HK$3.65B | HK$2.79B | HK$848M |
| Net income | HK$2.77B | HK$2.57B | HK$2.14B | HK$1.72B | -HK$170M |
| Free cash flow | n/a | HK$4.21B | HK$2.83B | HK$3.43B | -HK$215M |
| Capital expenditure | n/a | HK$612M | HK$450M | HK$1.08B | HK$620M |
| Total debt | HK$6.23B | HK$6.25B | HK$5.33B | HK$3.32B | HK$2.71B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Tongcheng Travel 0780.HK | $3.38B | -37% | +15% | 17% | 6.1× | -15.0% |
| Trip.com Group Ltd. Sponsored ADR TCOM | $27.0B | -16% | +18% | 16% | 11.5× | -2.9% |
| Baba-w 9988.HK | $266B | -25% | +8% | 4% | 16.4× | n/a |
| Meituan-w 3690.HK | $63.3B | -5% | +10% | -12% | 303.1× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0780.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +15.3% | +4.6% | 5th highest of 21 |
| 6-month return | -36.8% | +0.2% | lowest of 21 |
| Distance from 52-week high | -55.7% | -22.9% | lowest of 21 |
| Revenue growth (TTM) | +15.1% | +7.1% | 6th highest of 21 |
| Operating margin | 17.2% | 11.6% | 9th highest of 21 |
| Forward P/E | 6.1× | 12.0× | cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -15.0% | 5.6% | 4th least demanding of 19 |
| Growth delivered (Del g) | +25.8% | +14.3% | 6th highest of 19 |
| Hurdle (Req g minus delivered) | -40.8 pp | -18.0 pp | least demanding of 19 |
| ROIC minus cost of capital | +8.5 pp | +3.7 pp | 9th highest of 20 |
| EV / EBITDA | 3.1× | 9.7× | 2nd cheapest of 20 |
| Net debt / EBITDA | -2.0× | 1.1× | 3rd least indebted of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tongcheng Travel 0780.HK | Hong Kong | $3.38B | -37% | +15% | 17% | 6.1× | -15.0% | +25.8% |
| Ferrotec (An Hui) Technology Development 301297.SZ | China | $3.21B | -30% | +37% | 10% | n/a | n/a | n/a |
| Jet2 JET2.L | United Kingdom | $3.61B | +34% | +4% | 6% | 11.1× | n/a | n/a |
| Stride LRN | United States | $3.15B | -15% | +2% | 19% | 9.5× | -19.1% | +10.4% |
| Covista CVSA | United States | $3.67B | -18% | +9% | 20% | 12.0× | -3.7% | +16.6% |
| OneSpaWorld OSW | United States | $3.12B | +25% | +10% | 10% | 24.5× | 19.5% | +51.4% |
| Marriott Vacations Worldwide VAC | United States | $3.80B | +43% | +5% | 11% | 11.4× | 7.7% | +11.8% |
| Indian Railway Catering & Tourism IRCTC.NS | India | $3.87B | -20% | +15% | 30% | 24.2× | 28.7% | +46.4% |
| Tui TUI1.DE | Germany | $4.31B | +17% | -2% | 4% | 7.4× | -2.0% | +24.9% |
| Valvoline VVV | United States | $4.44B | -2% | +16% | 18% | 19.4× | 10.3% | -6.2% |
| Planet Fitness PLNT | United States | $4.56B | +31% | +13% | 31% | 17.3× | 4.8% | +26.6% |
| Peloton Interactive PTON | United States | $2.50B | -1% | -2% | 9% | 18.7× | 7.2% | -9.5% |
| Boyd Group Services BYD.TO | Canada | $2.48B | -24% | +16% | 5% | 22.1× | 9.4% | +16.0% |
| Kakaku.com 2371.T | Japan | $4.63B | +42% | +17% | 27% | 31.3× | 4.6% | +13.0% |
| Graham GHC | United States | $5.05B | +7% | +4% | 6% | 16.4× | 8.6% | +11.2% |
| Basic-Fit BFIT.AS | Netherlands | $2.23B | +2% | +18% | 12% | 22.0× | 6.5% | +30.4% |
| Driven Brands DRVN | United States | $1.96B | -11% | -11% | 15% | 9.6× | 3.3% | +15.5% |
| Park24 4666.T | Japan | $1.93B | -2% | +4% | 10% | 6.8× | -5.2% | +8.6% |
| H&R Block HRB | United States | $6.45B | +43% | +5% | 24% | 8.4× | -15.4% | +2.9% |
| Flight Centre Travel FLT.AX | Australia | $1.72B | +17% | +3% | 7% | 11.4× | 8.5% | +48.5% |
| Perdoceo Education PRDO | United States | $1.68B | -25% | +12% | 25% | 9.1× | -16.0% | +4.2% |