Eye-Catching Stock: Tuniu Corporation (NASDAQ: TOUR)

NANJING, China, October 23, 2019 – Shares of Tuniu Corporation (NASDAQ: TOUR) declined -2.23% to $3.07. The stock traded total volume of 9.348K shares lower than the average volume of 30.61K shares.

Tuniu Corporation (TOUR) reported net revenues of RMB456.90M (US$68.1[1]0M) in the first quarter of 2019, representing a year-over-year decrease of 4.9% from the corresponding period in 2018.

  • Revenues from packaged tours were RMB365.90M (US$54.50M) in the first quarter of 2019, representing a year-over-year decrease of 9.1% from the corresponding period in 2018. The decrease was primarily due to the decline in certain destinations.
  • Other revenues were RMB91.00M (US$13.60M) in the first quarter of 2019, representing a year-over-year increase of 16.8% from the corresponding period in 2018. The increase was primarily due to a rise in revenues generated from financial services and commission fees received from certain travel-related products.

Cost of revenues was RMB206.00M (US$30.70M) in the first quarter of 2019, representing a year-over-year decrease of 5.5% from the corresponding period in 2018. As a percentage of net revenues, cost of revenues was 45.1% in the first quarter of 2019 compared to 45.3% in the corresponding period in 2018.

Gross profit was RMB250.80M (US$37.40M) in the first quarter of 2019, representing a year-over-year decrease of 4.5% from the corresponding period in 2018. The decrease was primarily due to the decline in revenues from packaged tours.

Operating expenses were RMB431.40M (US$64.30M) in the first quarter of 2019, representing a year-over-year increase of 12.4% from the corresponding period in 2018. Share-based compensation expenses and amortization of acquired intangible assets, which were allocated to operating expenses, were RMB56.70M (US$8.40M) in the first quarter of 2019. Non-GAAP operating expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets, were RMB374.70M (US$55.80M) in the first quarter of 2019, representing a year-over-year increase of 11.4%.

  • Research and product development expenses were RMB80.00M (US$11.90M) in the first quarter of 2019, representing a year-over-year decrease of 4.8%. Non-GAAP research and product development expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB5.60M (US$0.80M), were RMB74.50M (US$11.10M) in the first quarter of 2019, representing a year-over-year decrease of 9.6% from the corresponding period in 2018. The decrease was primarily due to the increase in efficiency resulting from economies of scale and refined management, and optimization of research and product development personnel.
  • Sales and marketing expenses were RMB218.80M (US$32.60M) in the first quarter of 2019, representing a year-over-year increase of 17.8%. Non-GAAP sales and marketing expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB35.60M (US$5.30M), were RMB183.20M (US$27.30M) in the first quarter of 2019, representing a year-over-year increase of 21.0% from the corresponding period in 2018. The increase was primarily due to the expansion of our offline retail stores.
  • General and administrative expenses were RMB135.10M (US$20.10M) in the first quarter of 2019, representing a year-over-year increase of 17.9%. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB15.50M (US$2.30M), were RMB119.50M (US$17.80M) in the first quarter of 2019, representing a year-over-year increase of 15.9% from the corresponding period in 2018. The increase was primarily due to an increase in general and administrative personnel related expenses.

Loss from operations was RMB180.50M (US$26.90M) in the first quarter of 2019, compared to a loss from operations of RMB121.10M in the first quarter of 2018. Non-GAAP loss from operations, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB122.00M (US$18.20M) in the first quarter of 2019.

Net loss was RMB148.20M (US$22.10M) in the first quarter of 2019, compared to a net loss of RMB71.60M in the first quarter of 2018. Non-GAAP net loss, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB89.60M (US$13.40M) in the first quarter of 2019.

Net loss attributable to ordinary shareholders was RMB150.60M (US$22.40M) in the first quarter of 2019, compared to a net loss attributable to ordinary shareholders of RMB74.70M in the first quarter of 2018. Non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB92.10M (US13.70M) in the first quarter of 2019.

As of March 31, 2019, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1.80B (US$269.60M).

Business Outlook

For the second quarter of 2019, Tuniu expects to generate RMB472.70M to RMB499.00M of net revenues, which represents 5% to 10% decrease year-over-year. This forecast reflects Tuniu’s current and preliminary view on the industry and its operations, which is subject to change.

TOUR has the market capitalization of $417.37M and its EPS growth ratio for the past five years was 12.80%. The return on assets ratio of the Company was -5.10% while its return on investment ratio stands at -10.30%. Price to sales ratio was 1.34 while 22.50% of the stock was owned by institutional investors.

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