预订业务:如何引领在线旅游竞赛,能否再次抓住人工智能旅游市场的第一个机会?.docxVIP

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预订业务:如何引领在线旅游竞赛,能否再次抓住人工智能旅游市场的第一个机会?.docx

Adjusted

AdjustedEPS

F25A

F26E

F27E

BKNG(USD)

9.12

10.53

12.29

GlobalHotelsLeisure

BookingHoldingsInc

Rating

Market-Perform

PriceTarget

BKNG188.00USD

Booking:HowitwononlinetravelcanitwinAItravel?

Sometimeswecanappeartobeaperma-bearonBooking,butwedoappreciateoverthe

longertermthestrengthofthebusiness.Since2008(theyearaftertheyacquiredAgoda,

theirlastmajorMA)BKNGhavegrownroomnightsata22%CAGR,5xindustrygrowth

and3xMarriottExpedia.Thiswasnoaccidentbuttheresultofafocusonthebestmarkets,theb

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