TCOM – Market expectations are for continued Uniform ROA declines, but management is confident about ROI and market gains

• Trip.com Group Limited (TCOM:USA) currently trades at a historical low relative to UAFRS-based (Uniform) assets, with a 3.3x Uniform P/B. At these levels, the market has bearish expectations for the firm, but management is confident about positive ROI and market gains
  
• Specifically, management is confident in their ability to generate positive ROI and gain market share through travel coupons