0306 GMT - Tongcheng Travel is likely to face headwinds in the coming months, Morningstar senior equity analyst Kai Wang says in a note. China's soft macroeconomic conditions could lead to lower travel demand in the near term. The Chinese travel company has lowered the midpoint of its 2026 revenue growth guidance to 8.5% from 9.5% for its core business, suggesting that macroeconomic conditions are likely to be soft for the rest of the year. Morningstar lowers its fair value estimate for the stock to 24.50 Hong Kong dollars from HK$27. Shares are 0.25% higher at HK$12.25.
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