Bank of China International released a report stating that Tongcheng Travel's adjusted net profit for the fourth quarter of last year was 483 million yuan, a record high for the quarter, slightly exceeding the forecast, and announcing dividends for the first time, which is encouraging positive news. According to the report, management is confident that it will gain more market share and outperform its peers in growth. It believes that the main driving force for growth comes from the newly acquired tour group business, obtaining new customers through mobile apps such as Alipay, and the company's enterprising development of outbound travel and international business. The bank is more optimistic about Tongcheng. It believes that previous acquisitions will create new business opportunities, maintain its “buy” rating, raise this year's core earnings forecast per share by 1%, and raise the target price from HK$24.5 to HK$25.7.