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‘Meaningful Improvement’ in Travel During Dragon Boat Holiday, Says Morgan Stanley

2022.06.06 23:00

'Meaningful Improvement' in Travel During Dragon Boat Holiday, Says Morgan Stanley
‘Meaningful Improvement’ in Travel During the Dragonboat Holiday, Says Morgan Stanley

By Sam Boughedda

Morgan Stanley analyst Alex Poon noted a meaningful improvement in travelers in China during the Dragon Boat holiday.

In a note to clients, Poon said domestic tourists fell 11% YoY (87% of 2019’s) from June 3 to 5, better than the Qingming and Labor holidays with many cities, such as Shanghai and Beijing, relaxing lockdown restrictions.

On Sunday it was revealed that Beijing would further relax Covid-19 restrictions by allowing indoor dining. Meanwhile, Shanghai began easing restrictions at the start of June.

The numbers were similar to the Mid-Autumn Festival in 2021, the analyst stated.

“Travel intention according to our AlphaWise survey during May 25-29 suggests rising travel intentions and consumers are becoming less concerned about health risks,” wrote Poon.

The analyst pointed to Trip.com (NASDAQ:TCOM) as a stock that “could rebound more strongly QoQ in 3Q22 as the low base in 2Q was hurt by lockdowns in tier-1 cities.”

“We lowered cut our 2Q revenue estimates to -56% YoY (consensus -34% YoY), given the declines in both volume and pricing.”

Trip.com shares have risen over 5% Monday.

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