Aegis Capital-携程CTRP首次覆盖报告（2021年）.docxVIP

Technology Yi Chen, Ph.D. CFA (646) 502-2463 ychen@ Raghuram Selvaraju, Ph.D. (646) 502-2464 rselvaraju@ Initiating Coverage March 13, 2014 Key Metrics C International Ltd. CTRP - NASDAQ $51.34 Pricing Date Mar 12 2014 Rating: Buy Price Target $60.00 52-Week Range $61.09 - $18.87 An Online Travel Leader In China Shares Outstanding (mm) 134.4 Market Capitalization ($mm) $6,900.1 Investment Highlights: 3-Mo Average Daily Volume 4,918,980 Institutional Ownership 91% Debt/Total Capital 42.4% ROE 11.8 % Book Value/Share $10.12 Price/Book 5.1x Dividend Yield NM ■ Initiating Coverage. We are introd