Quantitative Stock Report

Citrip.com Intl ADR Jan 22,2011

NNM SYMBOL:CTRP
S&P Quality Ranking: NR Standard & Poor's Fair Value Rank : NR

Sector: Consumer Discretionary Summary: This company provides travel related services including hotel reservation, air-ticketing and
Sub-Industry: Hotels, Resorts & Cruise Lines packaged-tour services in China.
Peer Group: Travel & Entertainment Services

Quantitative Evaluations | Price as of Jan 21,2011: $43.07 | 52-Week Range: $53.16 - $29.90
30-Week Mov. Avg. Relative Strength GAAP Earnings vs. Previous Year Volume Above Avg.
S&P Quality Ranking : NR
10-Week Mov. Avg. Up Down No Change Below Avg.

S&P Fair Value Rank: NR

50
Fair Value Calc: NA
40
S&P Investability Quotient Percentile
85% 30

1 Lowest Highest 100

CTRP scored higher than 85% of all companies 20

2-for-1
for which an S&P Report is available.

Volatility: High
Low Average High
10

Technical Evaluation: NEUTRAL

Since January, 2011, the technical indicators for
CTRP have been NEUTRAL.
Vol.
Relative Strength Rank: Weak Mil. 34 33
37

26 15
1 Lowest Highest 99 10
5
0
S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A

2007 2008 2009 2010 2011

Options: ASE, CBOE, Ph

Investment Strategy Revenues/Earnings Data Fiscal year ending Dec. 31

Key financial variables to consider in assessing the investment merits of an Revenues (Million $)
industrial company are the following: 2010 2009 2008 2007 2006 2005
1Q 85.90 58.58 52.29 29.91 19.37 12.47
Sales: What is the trend? Is future sales growth expected to be greater than the 2Q 101.8 69.72 58.59 37.51 23.71 16.99
past 5-year and 9-year growth average? Accelerating sales growth ultimately 3Q 120.0 79.83 54.09 43.00 26.12 18.57
provides the fuel behind earnings growth. 4Q -- 82.83 57.94 47.94 28.70 19.95
Net Margin: As a key measure of company profitabilty, a rising net margin Year -- 290.9 213.5 164.4 99.94 63.62
assesses management capability to wring out more net income from incremental Earnings per ADR ($)
sales. 2010 2009 2008 2007 2006 2005
% LT Debt to Capitalization: A rising percentage implies greater financial risk, all 1Q 0.19 0.13 0.10 0.06 0.05 0.04
else being equal. Rising debt leverage without a concomitant rise in Return on 2Q 0.91 0.17 0.13 0.09 0.06 0.05
Equity should raise warning signals of potential cash flow problems. Percentages 3Q 0.31 0.20 0.11 0.11 0.06 0.06
above 40%-50% should also be considered a warning. 4Q -- 0.19 0.13 0.07 0.07 0.06
Year -- 0.68 0.47 0.40 0.24 0.22
% Return on Equity: A key perfomance measurement of capital efficiency
Next earnings report expected: Early February
assesses what investment returns management can earn on a company's
existing capital base. A sustained percentage above 20% is considered above Historical GAAP earnings are as reported.
average.

Key Growth Rates and Averages Key Stock Statistics

Past Growth Rate (%) 1 Year 3 Year 5 Year 9 Year Average Daily Volume 2.368 mil. Beta 1.79
Sales 36.24 41.44 49.24 80.40 Market Capitalization $24.681 Bil. Trailing 12 Month EPS $0.92
Net Income 50.71 43.04 41.21 NM Institutional Holdings (%) 75 12 Month P/E 46.8
Shareholders of Record NA Current Yield (%) Nil
Ratio Analysis (Average)
Value of $10,000 Invested five yrs Ago : $59,007
Net Margin 33.15 32.11 34.04 24.52
% Return on Equity 27.12 28.92 29.22 NM

Please read the required disclosures and Reg. AC certification on the last page of this report.
This report was prepared by Standard & Poor's Quantitative Services.
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 Quantitative Stock Report
Citrip.com Intl ADR Jan 22,2011
NNM SYMBOL:CTRP
S&P Quality Ranking: NR Standard & Poor's Fair Value Rank : NR
Wall Street Opinions/Average (Mean) Opinion: Buy/Hold Stock Performance
No. of % of 1 Mo. 3 Mo. 340
Ratings Total Prior Prior
Buy 6 33 7 5
300
Buy/Hold 5 28 5 4
Hold 7 39 6 9
Weak Hold 0 0 0 0 260
Sell 0 0 0 0
No Opinion 0 0 0 0 220

Total 18 100 18 18
180
Insider Moves
140
Insider Buys Insider Sells Price History

100

60

20
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan '11 2007 2008 2009 2010 2011

CTRP S&P 1500 Hotels, Resorts

Dividend Data
Company(%) Industry(%) S&P 1500(%)
No Dividend Data Available YTD Return 6.5 -1.1 1.8
One Year Return 30.8 41.3 16.0
Three Year Return (% Annualized) 21.4 9.1 -0.2
Five Year Return (% Annualized) 42.6 2.5 0.7
Value of $10,000 Invested 5 Years Ago $59,007 $11,292 $10,351

Company Financials Fiscal year ending Dec. 31

Per ADR Data & Valuation Ratios ($) 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000
Tangible Book Value 2.61 1.90 1.41 0.99 0.73 0.53 0.48 NM NA NA
Cash Flow 0.74 0.50 0.41 0.24 1.80 0.55 0.08 -0.21 -0.04 -0.08
Earnings 0.68 0.47 0.40 0.23 0.22 0.13 0.01 -0.06 -0.10 -0.09
Dividends Nil 0.11 0.06 0.06 0.04 Nil Nil Nil NA NA
Payout Ratio Nil 24% 15% 23% 17% Nil Nil Nil NA NA
Prices:High 39.30 35.45 31.62 16.33 8.34 7.11 5.38 NA NA NA
Prices:Low 9.20 8.21 13.76 6.95 4.52 2.83 2.25 NA NA NA
P/E Ratio:High 58 76 79 69 39 56 NM NA NA NA
P/E Ratio:Low 14 18 34 30 21 22 NM NA NA NA
Income Statement Analysis (Million Local Currency)
Revenue 291 214 164 100 63.6 40.3 20.9 12.1 5.31 0.78
Operating Income 108 72.0 55.9 33.8 27.9 17.1 7.69 3.25 -1.98 -3.73
Depreciation 7.80 5.50 0.49 1.78 1.08 0.76 0.67 0.43 0.40 0.10
Interest Expense NA NA Nil Nil Nil Nil Nil 0.01 NA NA
Pretax Income 117 78.9 62.6 36.1 31.1 17.6 7.76 2.92 -2.13 -3.75
Effective Tax Rate 16% 19% 13% 15% 12% 8.59% 16% 42% 13% 23%
Net Income 96.4 64.0 54.6 30.8 27.4 16.1 6.51 1.72 -1.84 -2.90
Balance Sheet & Other Financial Data (Million Local Currency)
Cash 236 183 166 109 91.0 74.4 57.0 4.70 5.13 10.7
Current Assets NA NA 212 135 105 81.0 61.5 7.19 NA NA
Total Assets 609 375 291 186 128 89.5 67.3 11.8 13.2 14.2
Current Liabilities NA NA 92.1 54.0 33.5 16.8 7.72 1.58 NA NA
Long Term Debt NA NA Nil Nil Nil Nil Nil Nil NA NA
Common Equity 428 283 199 132 97.2 73.9 59.5 -5.07 -1.55 1.65
Total Capital 437 283 199 132 97.3 74.0 59.6 10.2 11.6 13.1
Capital Expenditures 25.8 16.9 17.4 12.4 3.89 1.80 1.13 1.60 0.70 0.55
Cash Flow 104 69.5 55.1 31.9 28.5 16.8 1.07 -1.93 -1.45 -2.79
Current Ratio 2.0 2.6 2.3 2.5 3.1 4.8 8.0 4.5 6.8 9.5
% Long Term Debt of Capitalization Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
% Net Income of Revenue 33.2 30.0 33.2 30.8 43.0 39.9 31.1 14.2 NM NM
% Return on Assets 19.6 19.2 22.9 19.6 25.2 20.5 16.4 13.8 NM NA
% Return on Equity 27.1 26.6 33.1 27.2 32.1 24.0 1.5 NM NM NA
Data as orig. reptd; bef. results of disc opers/spec. items. Per share data adj. for stk. divs. as of ex-div date. NA-Not Available. NM-Not Meaningful. NR-Not Ranked.
Office: 99 Fu Quan Road, Shanghai, China, 200335 Dirs: M. Fan, J. P. Gan, Q. Ji, G. Li, J. J. Liang, N. N. Shen, S. Zhang SVP: J. Zhu
Tel: 86 21 3406 4880 CEO & Pres: M. Fan Investor Contact: Jade Wei(86-21-3406-4880)
Website: www.ctrip.com CFO: J. J. Sun Founded: 1999
Chrmn: J. J. Liang Domicile: Cayman Islands
Vice Chrmn: G. Li Employees: 10,000

Source: S&P, I/B/E/S International, Inc. Redistribution or reproduction is prohibited without written permission. Copyright ©2011 The McGraw-Hill
Companies,Inc.
 Quantitative Stock Report
Citrip.com Intl ADR Jan 22,2011
NNM SYMBOL:CTRP
S&P Quality Ranking: NR Standard & Poor's Fair Value Rank : NR

Sub-Industry Outlook Stock Performance

We have an overall neutral fundamental outlook for
the hotels, resorts, and cruise lines sub-industry.
While we remain concerned about an uneven
recovery in the U.S., hotel room pricing and
occupancy statistics have improved and are likely to
rise in 2011.
Our U.S. estimate for 2010 is for hotel room demand
to have rebounded a bit under 7% after declining
6.0% in 2009, according to Smith Travel Research
(statistics may reflect subsequent revisions to
originally reported data). We see business demand,
including both transient and group travel, picking up
7% to 9% after falling about 12% in 2009. Domestic
leisure travel did not decline nearly as much in 2009,
but we expect high unemployment to have
continued to crimp demand in 2010. Overseas tourist
arrivals in the U.S. in 2009 were down about 9%, but
in 2010, we believe there has been a pickup in
demand in the high-single digits. We forecast a
further rise in demand of about 2.5% in 2011.
dip slightly in 2010, in our estimation. RevPAR, which GICS Sector: Consumer Discretionary
fell 16.7% in 2009, should rise at a low to mid-single Sub-Industry: Hotels, Resorts & Cruise Lines
digit rate for 2010, based on our occupancy and
room rate forecasts, and at a slightly higher rate in Based on S&P 1500 Indexes
2011. Month-end Price Performance as of 12/31/10
We believe demand for cruise ship travel has picked
140
up in 2010 and will continue to in 2011, after
substantial declines in 2009.
120
Year to date through December 23, the S&P Hotels,
Resorts & Cruise Lines Index increased 52.6%,
versus a 14.2% rise in the S&P 1500 Index. 100
-Esther Y. Kwon, CFA 80
60
40

The number of available room nights in 2009 20

increased 3.0%, reflecting construction and
redevelopment projects already financed before the
0
financial crisis. For 2010, we see room night supply
increasing a smaller 2.0%. The room occupancy rate 2006 2007 2008 2009 2010 2011
fell 8.8% in 2009, with occupancy of 54.7%, indicative
of severe, near depressionary levels, by our Sub-Industry Sector S&P 1500
analysis. For 2010, the smaller increase in supply
and higher demand that we expected should lead to
a rise in occupancy to 57.3% from 56.0%. For 2011, NOTE: All Sector & Sub-Industry information is based on the
Global Industry Classification Standard (GICS)
we forecast a further deceleration in growth of room
supply to about 1%.

Room rates, which tend to lag movement in

occupancy, declined 8.8% in 2009 and are likely to

Sub-Industry : Hotels, Resorts & Cruise Lines Peer Group*: Travel & Entertainment Services
Stk.Mkt. Recent 52 Fair S&P Return on LTD to
Stock Cap. Stock Week Yield P/E Value Quality IQ Revenue Cap
Peer Group Symbol (Mil. $) Price($) High/Low($) Beta (%) Ratio Calc.($) Ranking %ile (%) (%)
Citrip.com Intl ADR CTRP 24,681 43.07 53.16/29.90 1.79 Nil 47 NA NR 85 33.1 NA
7 Days Group Holdings ADS SVN 326 19.69 25.44/9.10 NA Nil NM NA NR 93 NA 8.3
Carnival Corp CCL 36,389 46.12 48.14/29.68 1.39 2.2 19 44.20 NR 24 13.7 25.3
Carnival plc ADS CUK 37,683 47.76 50.35/31.48 1.26 0.8 19 NA NR 12 13.7 25.3
Choice Hotels Intl CHH 2,191 36.87 39.84/29.25 0.82 2.0 21 18.40 B+ 97 17.4 169.9
Gaylord Entertainment GET 1,621 34.05 37.38/18.65 2.78 Nil NM 23.40 C 10 NA 52.7
Home Inns & Hotels Mgmt ADS HMIN 740 36.81 54.25/26.89 1.83 Nil 27 NA NR 75 9.8 NA
Hyatt Hotels H 8,313 47.79 48.83/28.16 NA Nil NM NA NR 35 NA NA
InterContinental Hotels Gp*ADR IHG 6,039 20.97 21.71/13.72 1.60 2.0 15 NA NR 25 13.5 79.5
Interval Leisure Grp IILG 882 15.46 17.54/11.61 2.11 Nil 22 NA NR 26 9.4 69.1
Marriott Intl'A' MAR 14,501 39.81 42.68/25.63 1.49 0.4 38 26.90 A- 98 NA 64.9
Orient Express Hotels'A' OEH 1,135 12.49 15.54/6.80 2.80 Nil NM 9.70 NR 4 NA 37.7
Royal Caribbean Cruises RCL 10,378 48.22 49.99/21.97 2.96 Nil 21 46.80 NR 22 2.8 48.1
Starwood Hotels&Res Worldwide HOT 11,820 62.00 63.50/33.15 1.99 0.5 NM 31.00 NR 32 NA 61.5
Wyndham Worldwide WYN 5,025 28.72 31.41/19.44 NM 1.7 14 22.10 NR 27 7.8 NA

NA-Not Available NM-Not Meaningful NR-Not Rated. *For Peer Groups with more than 15 companies or stocks, selection of issues is based on market capitalization.

Source: S&P.
Redistribution or reproduction is prohibited without written permission. Copyright ©2011 The McGraw-Hill Companies,Inc.
 Quantitative Stock Report
Citrip.com Intl ADR Jan 22,2011
NNM SYMBOL:CTRP
S&P Quality Ranking: NR Standard & Poor's Fair Value Rank : NR

S&P Analyst Research Notes and other Company News

shareholders was RMB 254.7 million or RMB 6.97 diluted per share. The company
provided revenue guidance for the second quarter of 2010. For the second
November 3, 2010
quarter, the company expects to continue the net revenue growth year-on-year
Ctrip.com International Ltd. reported unaudited consolidated earnings results for
at a rate of approximately 30-35%.
the third quarter ended September 30, 2010. For the quarter, the company
reported net revenues were RMB 812,204,703 against RMB 545,429,135,
representing a 49% increase from the same period in 2009 and a 17% increase May 12, 2010
from the previous quarter. Income from operations was RMB 308,021,649 against UP 2.11 to 38.66... CTRP posts $0.19 Q1 earnings per ADS. Notes Q1 revenue rose
RMB 199,197,549, representing an increase of 55% from the same period in 2009 46%. Street was looking for $0.18. For Q2, expects revenue growth of
and an increase of 20% from the previous quarter. Excluding share-based approximately 30%-35%.
compensation charges (non-GAAP), income from operations was RMB 368 million
against RMB 226,164,262, representing an increase of 63% from the same period
in 2009 and an increase of 17% from the previous quarter. Income before income
tax expense and equity in income was RMB 362,135,105 against RMB 206,163,152
over the same period last year. Net income attributable to the company's
shareholders was RMB 320,139,161 or RMB 8.42 per diluted share against RMB
188,516,721 or RMB 5.30 per diluted share, representing a 70% increase from the
same period in 2009, and a 36% increase from the previous quarter. Net income
for the quarter benefited from higher government subsidies recorded in other
income line. Excluding share-based compensation charges (non-GAAP), net
income attributable to Ctrip's shareholders was RMB 380 million against RMB
215,483,434, representing an increase of 77% from the same period in 2009, and
an increase of 30% from the previous quarter. Non GAAP diluted earnings per
ordinary share was RMB 10.01 against RMB 6.05 per share For the fourth quarter
of 2010, the company expects to continue the net revenue growth year-on-year at
a rate of approximately 3035%. This forecast reflects the company's current and
preliminary view, which is subject to change.

August 10, 2010

Ctrip.com International Ltd. announced consolidated earnings results for the
second quarter ended June 30, 2010. For the quarter, the company has reported
income from operations of CNY 257,378,183, income before income tax expense
and equity in income of CNY 282,313,139 and net income attributable to Ctrip's
shareholders of CNY 235,211,413 or $6.20 per diluted share and $1.55 earnings per
ADS on total revenue of CNY 741,645,612 and net revenue of CNY 695,180,390
compared to income from operations of CNY 163,678,034, income before income
tax expense and equity in income of CNY 186,955,392 and net income attributable
to Ctrip's shareholders of CNY 158,858,808 or $4.54 per diluted share and $1.14
earnings per ADS on total revenue of CNY 507,658,610 and net revenue of CNY
476,286,925 reported in the same period last year. On non-GAAP basis, the
company has reported income from operations of CNY 315,604,075 and net
income attributable to Ctrip's shareholders of CNY 293,437,305 or $7.74 per diluted
share and $1.93 earnings per ADS compared to non-GAAP income from
operations of CNY 190,659,732 and net income attributable to Ctrip's shareholders
of CNY 185,840,506 or $5.31 per diluted share and $1.33 earnings per ADS reported
last year. For the third quarter of 2010, the company expects to continue the net
revenue growth year-on-year at a rate of approximately 35-40%. This forecast
reflects Ctrip's current and preliminary view, which is subject to change. The
company provided capital expenditure guidance for fiscal 2010. For Nantong Call
Centre, it expect $250 million to be paid in the year. In 2010, for the whole
company for every quarter the company expects about $10 CapEx for the
maintenance costs.

May 17, 2010

Ctrip.com International Ltd. reported cash flow results for the first quarter of 2010.
For the quarter, the company's operating cash flow was RMB 260 million.

May 13, 2010

Ctrip.com International Ltd. reported unaudited consolidated financial results for
the first quarter ended March 31, 2010. For the quarter, the company's net
revenues were RMB 587 million ($86 million), up 46% year-on-year. Excluding net
revenues attributable to ezTravel, the company's net revenues were RMB 557
million ($82 million), up 39% year-on-year. Income from operations was RMB 196
million against RMB 135.2 million a year ago, up 45% year-on-year. Excluding
share-based compensation charges (non-GAAP), income from operations was
RMB 261 million ($38 million), up 61% year-on-year. Income before income tax
expense and equity in income was RMB 202.4 million against RMB 148.3 million a
year ago. Net income attributable to the company's shareholders was RMB 190.4
million or RMB 5.21 diluted per share against RMB 121.4 million or RMB 3.57
diluted per share a year ago. Diluted earnings per ADS were RMB 1.3 against
RMB 0.89 a year ago. Non-GAAP net income attributable to the company's
Source: S&P.
Redistribution or reproduction is prohibited without written permission. Copyright ©2011 The McGraw-Hill Companies,Inc.
 Quantitative Stock Report
Citrip.com Intl ADR Jan 22,2011
NNM SYMBOL:CTRP
S&P Quality Ranking: NR Standard & Poor's Fair Value Rank : NR

Analysts' Recommendations Wall Steet Consensus Opinion

Monthly Average Trend Buy Buy/Hold Hold Weak Hold Sell No Opinion CTRP Trend BUY/HOLD
B BH H WH S

Wall Street Average Companies Offering Coverage

B
BNP Paribas
BH
Battle Road Research
H
Bofa Merrill Lynch
WH
Brean Murray, Carret & Co.
S
China International Capital Corporation
Number of Analysts Following Stock Citi
Cowen AND Company
18 Credit Agricole Securities
Deutsche Bank North America
16
Evolution Watterson Securities
14 Gilford Securities, Inc.
Goldman Sachs & Co.
Mirae Asset Securities
Stock Price ($)
Morgan Stanley
60
Nomura Securities Intl (america)
Oppenheimer & Co.
40
Piper Jaffray
RBS
20
Stifel Nicolaus & Company,inc.
Susquehanna Financial Group
0
F M A M J J A S O N D J F M A M J J A S O N D J
THE Benchmark Company
Thinkequity LLC
2009 2010

Of the total 22 companies following CTRP, 18 analysts currently publish recommendations.

No. of Ratings % of Total 1 Mo. Prior 3 Mos. Prior

Buy 6 33 7 5
Buy/Hold 5 28 5 4
Hold 7 39 6 9
Weak Hold 0 0 0 0
Sell 0 0 0 0
No Opinion 0 0 0 0
Total 18 100 18 18
Wall Street Consensus Estimates Wall Street Consensus vs. Performance

For fiscal year 2010, analysts estimate that CTRP

Estimates 2009 2010 2011 2009 Actual $0.68 will earn $0.99. For the 3rd quarter of fiscal year
2 2010, CTRP announced earnings per share of
$0.31, representing 31% of the total annual
1.5 estimate. For fiscal year 2011, analysts estimate
that CTRP's earnings per share will grow by 29%
1 to $1.28.

0.5 S O N D J F M A M J J A S O N D J

2009 2010

Fiscal Years Avg Est. High Est. Low Est. # of Est. Est. P/E
2011 1.28 1.53 1.12 14 33.6
2010 0.99 1.07 0.94 12 43.5
2011 vs. 2010 29% 43% 19% 17% -23%

Q4'11 0.32 0.40 0.34 6 NM

Q4'10 0.24 0.26 0.21 8 NM
Q4'11 vs. Q4'10 33% 54% 62% -25% NM

A company's earnings outlook plays a major part in any investment decision. Standard & Poor's organizes the earnings estimates of over 2,300
Wall Street analysts, and provides their consensus of earnings over the next two years. This graph shows the trend in analyst estimates over
the past 15 months.

Source: S&P,I/B/E/S International, Inc.

Redistribution or reproduction is prohibited without written permission. Copyright ©2011 The McGraw-Hill Companies,Inc.

Citrip.com Intl ADR
S&P Quality Ranking: NR
Glossary
S&P Quality Ranking - Growth and stability of
earnings and dividends are deemed key elements in
establishing S&P's quality ranking for common
stocks, which are designed to capsulize the nature
of this record in a single symbol. It should be noted
that, however, that the process also takes into
consideration certain adjustments and modifications
deemed desirable in establishing such rankings, The
final score for each stock is measured against a
scoring matrix determined by analysis of the scores
of a large and representative sample of stocks. The
range of scores in the array of this sample has been
aligned with the following ladder of rankings:
A+ Highest B Lower
A High B- Below Average
A- Above Average C Lowest
B+ Average D In Reorganization
NR Not Ranked
S&P Fair Value Rank - Using S&P's exclusive
proprietary quantitative model, stocks are ranked in
one of five groups, ranging from Group 5, listing the
most undervalued stocks, to Group 1, the most
overvalued issues. Group 5 stocks are expected to
generally outperform all others. A positive (+) or
negative (-) Timing Index is placed next to the Fair
Value ranking to further aid the selection process. A
stock with a (+) added to the Fair Value Rank simply
means that this stock has a somewhat better
chance to outperform other stock with the same Fair
Value Rank. A stock with a (-) has a somewhat
lesser chance to outperform other stocks with the
same Fair Value Rank. The Fair Value rankings imply
the following: 5-Stock is significantly undervalued;
Fair Value Rank. A stock with a (-) has a somewhat
lesser chance to outperform other stocks with the
same Fair Value Rank. The Fair Value rankings imply
the following: 5-Stock is significantly undervalued;
4-Stock is moderately undervalued; 3-Stock is fairly
valued; 2-Stock is modestly overvalued; 1-Stock is
significantly overvalued.
Funds From Operations (FFO) - FFO is Funds from
Operations and equal to a REIT's net income,
excluding gains or losses from sales of property,
plus real estate depreciation.
Source: S&P, Company Reports.
Redistribution or reproduction is prohibited without written permission. Copyright ©2011 The McGraw-Hill Companies,Inc.
Standard & Poor's Fair Value Rank : NR
Fair Value Calculation - The current price at which
a stock should sell today as calculated by S&P's
computers using our quantitative model based on
the company's earnings, growth potential, return on
equity relative to the S&P 500 and its industry group,
price to book ratio history, current yield relative to
the S&P 500, and other factors.
Investability Quotient (IQ) - The IQ is a measure of
investment desirability. It serves as an indicator of
potential medium-to-long-term return and as a
caution against downside risk. The measure takes
into account variables such as technical indicators,
earnings estimates, liquidity, financial ratios and
selected S&P proprietary measures.
Standard & Poor's IQ Rationale:
Citrip.com Intl ADR
Raw Score Max Value
Proprietary S&P Measures 0 115
Technical Indicators 19
Liquidity/Volatility Measures 19
Quantitative Measures 71
IQ Total 109 250
Volatility - Rates the volatility of the stock's price
over the past year.
Technical Evaluation - In researching the past
market history of prices and trading volume for each
company, S&P's computer models apply special
technical methods and formulas to identify and
project price trends for the stock.
Relative Strength Rank - Shows, on a scale of 1 to
99, how the stock has performed versus all other
companies in S&P's universe on a rolling 13-week
basis.
Global Industry Classification Standard (GICS) - An
industry classification standard, developed by
Standard & Poor's in collaboration with Morgan
Stanley Capital International (MSCI). GICS is
currently comprised of 10 Sectors, 24 Industry
Groups , 67 Industries, and 147 Sub-Industries.
Dividends on American Depository Receipts (ADRs)
and American Depository Shares (ADSs) are net of
taxes (paid in the country of origin).
Quantitative Stock Report
Jan 22,2011
NNM SYMBOL:CTRP
Required Disclosures
All of the views expressed in this research report
reflect Standard & Poor's Quantitative Services'
research models regarding the above issuer and
securities. No part of Standard & Poor's
Quantitative Services compensation was, is or will
be directly or indirectly, related to the specific
recommendations or views expressed in this
research report.
This report was prepared by Standard & Poor's
Quantitative Services ("SPQS"). SPQS is affiliated
with various entities that may perform
non-investment banking services for this company.
Each such affiliate operates independently from
each other.
Additional information is available upon request.
Disclaimer
This material is based upon information that we
consider to be reliable, but neither SPQS nor its
40
affiliates warrant its completeness or accuracy, and
20
it should not be relied upon as such. Assumptions,
75
opinions and estimates constitute our judgment as
of the date of this material and are subject to
change without notice. Past performance is not
indicative of future results.
This material is not intended as an offer or
solicitation for the purchase or sale so any security
or other financial instrument. Securities, financial
instruments or strategies mentioned herein may not
be suitable for all investors. This material does not
take into account your particular investment
objectives, financial situations or needs and is not
intended as a recommendation of particular
securities, financial instruments or strategies to you.
Before acting on any recommendation in this
material, you should consider whether it is suitable
for your particular circumstances and, if necessary,
seek professional advice.