Da Ma: Raised Ctrip's target price to $83, $5 billion buyback plan is a major positive surprise.

Morgan Stanley released a research report stating that Ctrip's positive outlook for the third quarter once again proves the resilience of the leading online travel agency, similar to last summer, and continues to outperform the overall travel market. The previous high-intensity marketing investment is yielding results, maintaining sustained high growth. The company's non-GAAP operating profit margin guidance for the third quarter is 32%, in line with expectations. The $5 billion new stock repurchase plan is a significant positive surprise, significantly increasing shareholder returns compared to the market's expectation of a $20 billion repurchase. The target price for Ctrip ADR was raised to $83 by the bank, maintaining a "buy" rating, and increasing non-GAAP operating profit forecasts from this year to 2027 by 1% to 2%.