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MMYT

MakeMyTrip

$20.40

-0.79 (-3.73%)

, TCEHY

Tencent

$26.96

-0.07 (-0.26%)

09:47
10/18/16
10/18
09:47
10/18/16
09:47

MakeMyTrip, ibibo Group to consolidate Indian travel businesses

MakeMyTrip Limited (MMYT) and ibibo Group, owned by global technology group Naspers, have agreed to pursue a transaction that will combine the two businesses under MMYT, creating one of the leading travel groups in India that provides a one-stop shop for all Indian travellers and serves as a critical partner for travel industry suppliers. Following the closing of the proposed transaction, Founder Deep Kalra will remain Group CEO and Executive Chairman of MakeMyTrip and Co-founder Rajesh Magow will continue to remain CEO India of MakeMyTrip. Founder and CEO of ibibo Group, Ashish Kashyap, will join MakeMyTrip's executive team as a Co-founder and President of the organization. Naspers and Tencent (TCEHY), through their jointly owned holding company, are selling ibibo Group to MakeMyTrip in exchange for an issuance of new shares by MakeMyTrip. Upon closing of the transaction, MakeMyTrip will own 100% of ibibo Group. Naspers and Tencent will become the single largest shareholder in MakeMyTrip, owning a 40% stake, and will contribute proportionate working capital upon closing. Additionally, prior to closing , the $180M, 5-year convertible notes issued by MakeMyTrip Limited to Ctrip.com International, Ltd. (CTRP) in January 2016 will also be converted into common equity, resulting in Ctrip having an approximately 10% stake in the combined entity. The transaction is expected to close by the end of December 2016 and is subject to approval by MakeMyTrip shareholders and regulatory approvals.

MMYT

MakeMyTrip

$20.40

-0.79 (-3.73%)

TCEHY

Tencent

$26.96

-0.07 (-0.26%)

CTRP

Ctrip.com

$46.29

-0.28 (-0.60%)

MMYT MakeMyTrip
$20.40

-0.79 (-3.73%)

06/03/16
NOMU
06/03/16
UPGRADE
NOMU
Neutral
MakeMyTrip upgraded to Neutral from Reduce at Nomura
10/30/15
DBAB
10/30/15
DOWNGRADE
DBAB
Hold
MakeMyTrip downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank downgraded MakeMyTrip to Hold citing an intensifying competitive environment following the company's Q2 results.
10/30/15
10/30/15
DOWNGRADE

On The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Altria Group (MO) downgraded to Market Perform at Cowen... Arch Capital (ACGL) downgraded to Underperform from Neutral at BofA/Merrill... Autodesk (ADSK) downgraded to Mixed from Positive at OTR Global... BRF S.A. (BRFS) downgraded to Underperform from Buy at BofA/Merrill... Bloomin' Brands (BLMN) downgraded to Mixed from Positive at OTR Global... BorgWarner (BWA) downgraded to Sector Perform from Outperform at RBC Capital... Boston Beer (SAM) downgraded to Outperform from Buy at CLSA... Bottomline Technologies (EPAY) downgraded to Hold from Buy at Craig-Hallum... Brinker (EAT) downgraded to Hold from Buy at Argus... Calix (CALX) downgraded to Hold from Buy at Jefferies... Chart Industries (GTLS) downgraded to Hold from Buy at Lake Street... Control4 (CTRL) downgraded to Hold from Buy at Needham... Cumulus Media (CMLS) downgraded to Sector Perform from Outperform at RBC Capital... DigitalGlobe (DGI) downgraded to Market Perform from Outperform at Raymond James... DreamWorks (DWA) downgraded to Underperform from Neutral at BofA/Merrill... EverBank (EVER) downgraded to Underperform from Buy at BofA/Merrill... Flagstar Bancorp (FBC) downgraded to Market Perform from Outperform at Keefe Bruyette... Foresight Energy (FELP) downgraded following weak results at Stifel... Goldcorp (GG) downgraded to Buy from Action List Buy at TD Securities... HeartWare (HTWR) downgraded to Neutral from Overweight at Piper Jaffray... HomeTrust (HTBI) downgraded to Market Perform from Outperform at Keefe Bruyette... Hornbeck Offshore (HOS) downgraded to Sector Perform from Outperform at Iberia... Investors Bancorp (ISBC) downgraded to Neutral from Buy at Compass Point... L-3 Communications (LLL) downgraded to Market Perform from Outperform at Cowen... MakeMyTrip (MMYT) downgraded to Hold from Buy at Deutsche Bank... Meritage Homes (MTH) downgraded to Hold from Buy at Evercore ISI... New York Community Bancorp (NYCB) downgraded to Underperform at FBR Capital... Oceaneering (OII) downgraded to Market Perform from Outperform at Cowen... Orion Engineered (OEC) downgraded to Neutral from Buy at UBS... Papa John's (PZZA) downgraded to Sector Weight from Overweight at KeyBanc... Peabody (BTU) downgraded on negative catalysts at Stifel... Peoples Bancorp (PEBO) downgraded to Outperform from Strong Buy at Raymond James... Qunar (QUNR) downgraded on Ctrip transaction at Stifel... RTI Surgical (RTIX) downgraded to Hold at Canaccord... Rayonier Advanced Materials (RYAM) downgraded to Sector Perform from Outperform at RBC Capital... Repros Therapeutics (RPRX) downgraded to Hold from Buy at Brean Capital... STMicroelectronics (STM) downgraded to Hold from Buy at Craig-Hallum... SolarCity (SCTY) downgraded to Neutral from Outperform at Baird... SolarWinds (SWI) downgraded to Hold from Buy at Jefferies... Starz (STRZA) downgraded to Underperform from Buy at CLSA... Swift Transport (SWFT) downgraded to Market Perform from Outperform at Avondale... Thermon Group (THR) downgraded to Market Perform from Outperform at William Blair... ePlus (PLUS) downgraded on valuation at Stifel.
02/23/16
NOMU
02/23/16
DOWNGRADE
NOMU
Reduce
MakeMyTrip downgraded to Reduce from Buy at Nomura
TCEHY Tencent
$26.96

-0.07 (-0.26%)

02/23/16
JPMS
02/23/16
INITIATION
JPMS
Overweight
Tencent assumed with an Overweight at JPMorgan
JPMorgan analyst Vivian Hao assumed coverage of Tencent with an Overweight rating and HK$179 price target.
12/17/15
MSCO
12/17/15
UPGRADE
MSCO
Overweight
JD.com upgraded to Overweight from Equal Weight at Morgan Stanley
Morgan Stanley analyst Robert Lin and his team upgraded JD.com (JD) to Overweight from Equal Weight, stating that advertising revenue growth could accelerate and that it can continue to benefi from its partnership with Tencent (TCEHY). The firm also upgraded Weibo (WB) to Overweight and downgraded Vipshop (VIPS) as part of a larger note on the Chinese Internet industry.
06/13/16
SBSH
06/13/16
DOWNGRADE
Target $180
SBSH
Neutral
Baidu downgraded to Neutral from Buy at Citi
Citi analyst Alicia Yap downgraded Baidu (BIDU) to Neutral citing concerns about near-term revenue. Baidu may not meet its Q2 revenue guidance and could guide Q3 below expectations, Yap tells investors in a research note. She lowered her price target for the shares to $180 from $238. The analyst's top pick in the China Internet space is Tencent (TCEHY), followed by JD.com (JD) and Alibaba (BABA). Yap raised her price target for the latter to $98 from $95.60.
08/31/16
JPMS
08/31/16
INITIATION
JPMS
Overweight
Tencent assumed with an Overweight at JPMorgan
JPMorgan analyst Alex Yao assumed coverage of Tencent with an Overweight rating and HK$260 price target.
CTRP Ctrip.com
$46.29

-0.28 (-0.60%)

10/06/16
10/06/16
NO CHANGE

Ctrip.com Q3 net revenue forecast trending above guidance, says M Science
09/01/16
STFL
09/01/16
NO CHANGE
STFL
Ctrip.com price target raised to $56 from $52 at Stifel
Stifel analyst George Askew says that Ctrip.com reported "strong" results and provided "solid" revenue guidance. The analyst remains upbeat on the company's fundamentals and expects its EBITDA margins to be close to 30% in coming years. He keeps a Buy rating on the shares.
08/31/16
JPMS
08/31/16
INITIATION
Target $53
JPMS
Overweight
Ctrip.com assumed with an Overweight at JPMorgan
JPMorgan analyst Alex Yao assumed coverage of Ctrip.com with an Overweight rating and raised his price target for the shares to $53 from $47. The rating is unchanged from the firm's prior coverage.
08/17/16
OPCO
08/17/16
NO CHANGE
Target $55
OPCO
Outperform
Ctrip.com should be bought on any near-term weakness, says Oppenheimer
Oppenheimer analyst Jed Kelly believes Ctrip.com (CTRP) will likely beat Wall Street's Q2 revenue and margin estimates given a stable travel environment. However, the analyst says that increasing competition, and Qunar's (QUNR) ongoing China Southern dispute, could produce cautious commentary around Q3 profit and cause volatility in the shares. Nonetheless, Kelly sees Ctrip.com as well positioned to gain share of China's under-penetrated online travel market, and would take advantage of any near-term weakness to accumulate shares. He reiterates an Outperform rating and $55 price target on Ctrip.com's shares.

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