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<Research>Citi Expects TONGCHENGTRAVEL to Ride on Potential Close Collaboration with TENCENT WeChat AI Agent, Reiterates Buy
Recommend 21 Positive 39 Negative 12 |
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TENCENT (00700.HK) has reportedly begun testing a prototype of its AI agent on the WeChat app, Citi said in its report. Given TONGCHENGTRAVEL (00780.HK)'s "all-in WeChat" strategy, its refined and comprehensive mini-program functions, its relationship with TENCENT, and its position as the only online travel agency (OTA) service provider within WeChat Wallet, the broker believes that TONGCHENGTRAVEL will be one of the beneficiaries within the WeChat ecosystem, if TENCENT launches an AI agent on WeChat. The broker said TONGCHENGTRAVEL believes AI will drastically enhance its platform through several key initiatives, including AI assistants that recommend travel options and provide end-to-end planning for users, as well as AI-driven customer services. In addition to its current cooperation with TENCENT's "Yuanbao", the company is deepening collaboration within the TENCENT ecosystem while also deploying services on external AI platforms. TONGCHENGTRAVEL's share price has been under pressure due to valuation compression of vertical leader TRIP.COM-S (09961.HK) and the impact of rising oil prices on domestic travel demand. However, its valuation is trading at less than 8x 2026E PE, which Citi considers not expensive. Citi maintained its Buy rating on TONGCHENGTRAVEL with a TP of HKD25. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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