Good message, but don't forget PCLN is successfully expanding in Asia. Regarding their total valuation, focus on their PE, which makes their stk price correct. If however their grow slows down then the PE would need to come down and the stk price would follow.
EVERYONE is growing in Asia. But what competitive advantage does PCLN have? They're nowhere in China, nowhere in Japan. The idea that they're likely to become an Asian travel superpower is preposterous.
I have no idea who uses them there, but no one in Asia travels to Japan or China, especially for leisure - they go to the Philippines, Thailand, Malaysia, Indonesia and Vietnam. So, Koreans, Chinese and Japanese could use the site if priceline has good vendors on the other side.
I have been to asia dozens of time on business and have a difficult time understanding/reconciling some of the things and culture. I doubt most internet message board folks have even stepped foot there.