Mirae Asset Reports on Ctrip.com (CTRP)

Mirae Asset commented on Ctrip.com

in a report released today. In the report, Mirae Asset was positive in its assessment of the company. Mirae Asset writes, “We remain convinced on the growth potential of China's travel industry and Ctrip's leading position. But Ctrip has been affected recently by the industry-wide slowdown from last year's World Expo, the earthquake in Japan and the launch of the high speed rail (

). As a result, Ctrip might appear expensive to investors. The concern of a slowdown will not be removed until possibly late 2011, in our view. We looked for signs of weakness beyond the industry slow down and have so far found none. We suggest investors accumulate Ctrip for a late 2011 share price rebound. We cut our TP to US$51 from US$52 and maintain our BUY rating.” Mirae Asset currently has a Buy rating on Ctrip and a price target of $51.00. Shares of Mirae Asset closed the trading day Tuesday at $44.18, up from $42.01 at the open.