China's Tongcheng Travel drops after results, peers fall as COVID cases rise

Tongcheng Travel Holdings

23/11/2022 05:40

** Shares of Chinese online tourism services group Tongcheng
Travel Holdings Ltd  0780.HK  drop as much as 7.2% to HK$13.68,
on course for the biggest daily pct decline since Oct. 24, if
losses hold
    ** Stock hits the lowest since Nov. 10 
    ** Tencent-backed company says quarterly revenue increased
5.6% year-on-year to 2.05 bln yuan ($286.49 mln) with quarterly
loss at 93.9 mln yuan, compared with 226.3 mln yuan profit the
same period a year ago  urn:newsml:reuters.com:*:nFWN32I13K
    ** Jefferies maintains "buy" saying Tongcheng's Q3 revenue
and adjusted EBITDA are in line with consensus, while impact
from recent COVID outbreak on earnings is seen to be temporary
and the brokerage considers the recovery story intact
    ** Shares of Tencent  0700.HK  rise 1.4%  
    ** Shanghai cancels auto event as rising COVID cases add to
reopening worries  urn:newsml:reuters.com:*:nL1N32J034
    ** Shares of Trip.com  9961.HK  and China Tourism Group Duty
Free Corp  1880.HK  in Hong Kong and Shenzhen-listed stocks of
Toread Holdings  300005.SZ  and Western Regions Tourism
Development  300859.SZ  fall between 1.2% and 2.2%
    ** The Hang Seng Tech Index  .HSTECH  rises 0.8% and the
Hang Seng Index  .HSI  climbs 0.4%
    ** The blue-chip CSI 300 Index  .CSI300  gains 0.04%, and
the Shanghai Composite Index  .SSEC  up 0.2%.
($1 = 7.1555 Chinese yuan renminbi)
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))