报告名称：Tuniu(TOUR.US)4Q guided soft； $500M cash from HNA investment & 34% dilution
报告类型：海外市场
报告日期：2015-11-25
研究机构：中金公司
页数：7
简介：Maintain BUY but cut TP by 10% to US$18 given 34% share dilution by new issuance to HNA, offset by strong 3Q rev. growth. Current price is 1.6x 2015e & 0.9x 2016e P/S (VIPS 1.4x/1x, JD 1.5x/1.1x). Considering historically conservative guidance (Figure 1), we estimate rev to grow +110% in 4Q. Risks: Boycott from other suppliers due to HNA investmement.

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