Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

Travelsky Technology Ltd H / Equity Bottom-Up

<ul>
<li>Share price of <a href="https://www.smartkarma.com/entities/travelsky-technology-ltd-h" target="_blank" data-smartkarma-citation="entities:19829:1" rel="noopener">Travelsky Technology Ltd H (696 HK)</a> is still down YTD as investors are still overly cautious on Chinese travel data. </li>
<li>YTD operational data shows that the number of flights processed is very close to the pre-COVID era. </li>
<li>The company announced a profit alert recently, that should help to boost share price. </li>
</ul>


Share price of Travelsky Technology Ltd H (696 HK) is still down YTD as investors are still overly cautious on Chinese travel data. 
YTD operational data shows that the number of flights processed is very close to the pre-COVID era. 
The company announced a profit alert recently, that should help to boost share price. 


Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Thematic (Sector/Industry)

<ul>
<li>In May, the recovery in outbound travel remained strong, but not surprisingly so</li>
<li>Meanwhile, improvement in domestic travel activity appears to have lost steam</li>
<li>Six months in, we simply do not see any positive surprises in the travel boom</li>
</ul>


In May, the recovery in outbound travel remained strong, but not surprisingly so
Meanwhile, improvement in domestic travel activity appears to have lost steam
Six months in, we simply do not see any positive surprises in the travel boom


Monthly Chinese Tourism Tracker | Outbound Firmer | Domestic Losing Steam | No Surprises (June 2023)

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Trip.com Group (TCOM) announced (8 June) 1Q23 results: net revenue was RMB9.2bn, up 124% YoY, 14% ahead of both our forecast and Bloomberg consensus estimates, and was 13% higher than 1Q19 level.</li><li>Non-GAAP net income was RMB2.1bn, better than our forecast/consensus estimate of RMB1.2/1.3bn, thanks to stronger-than-expected revenue growth and cost saving initiatives.</li><li>Management noted stronger and more sustainable than expected release of pent-up demand, and expected the robust recovery to sustain in 2Q-3Q23, aided by: 1) arrival of summer peak season; 2) recovery in supply of international flights; 3) its loyal middle to high income user base, as well as enhanced supply chain capabilities and partner relationship. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Trip.com Group (TCOM) announced (8 June) 1Q23 results: net revenue was RMB9.2bn, up 124% YoY, 14% ahead of both our forecast and Bloomberg consensus estimates, and was 13% higher than 1Q19 level.Non-GAAP net income was RMB2.1bn, better than our forecast/consensus estimate of RMB1.2/1.3bn, thanks to stronger-than-expected revenue growth and cost saving initiatives.Management noted stronger and more sustainable than expected release of pent-up demand, and expected the robust recovery to sustain in 2Q-3Q23, aided by: 1) arrival of summer peak season; 2) recovery in supply of international flights; 3) its loyal middle to high income user base, as well as enhanced supply chain capabilities and partner relationship. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trip.com (TCOM US) – Strong Recovery to Sustain in 2Q23

<ul>
<li>Q123 Net Revenue was strong, exceeding Q119 (pre-Covid) levels by over 12%</li>
<li>Almost six months into recovery, <a href="https://www.smartkarma.com/entities/trip-com-group-ltd" target="_blank" data-smartkarma-citation="entities:180:1" rel="noopener">Trip.com (TCOM US)</a> has also managed SG&amp;A expenses well</li>
<li>A good result for the company, but we see no reason to alter our long-term view</li>
</ul>


Q123 Net Revenue was strong, exceeding Q119 (pre-Covid) levels by over 12%
Almost six months into recovery, Trip.com (TCOM US) has also managed SG&amp;A expenses well
A good result for the company, but we see no reason to alter our long-term view


Trip.com Q123 | Revenue Surges Past Q119 Level | Decade-High Margin | But Our Thesis Is Unchanged

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>700.HK:  Supercell’s new game Floodrush receives unenthusiastic reception ( - )</li>
<li>3690.HK / TCOM: Douyin launches new hotel booking feature (-/-)</li>
<li>LI: Li Auto's daily order volume exceeds 1k for three consecutive weeks (+)</li>
</ul>


700.HK:  Supercell’s new game Floodrush receives unenthusiastic reception ( - )
3690.HK / TCOM: Douyin launches new hotel booking feature (-/-)
LI: Li Auto's daily order volume exceeds 1k for three consecutive weeks (+)


China TMT Update Jun 1 - 700.HK/Douyin/3690.HK/TCOM/Li- Supercell’s New Game Receives Unenthusiastic

China

Trip.com Group Ltd. provides online travel agency services. The Company offers mobile applications, hotel reservations, flight ticketing, package tours, corporate travel management, and train ticketing services.

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Trip.com (TCOM US)

Travelsky (696): Time to Fly

Travelsky, a good proxy to Chinese tourism recovery besides Ctrip, has reported a profit alert, and the share price is still down YTD, presenting a...

Henry Soediarko

Monthly Chinese Tourism Tracker | Outbound Firmer | Domestic Losing Steam | No Surprises (June 2023)

The recovery in outbound travel remained strong in May, and domestic activity also continued to improve, though it appears to be losing some...

Tracking Traffic

Trip.com (TCOM US) – Strong Recovery to Sustain in 2Q23

Non-GAAP net income was RMB2.1bn, better than our forecast/consensus estimate of RMB1.2/1.3bn, thanks to stronger-than-expected revenue growth and...

CMB International

Trip.com Q123 | Revenue Surges Past Q119 Level | Decade-High Margin | But Our Thesis Is Unchanged

Trip.com posted a strong result in Q123, with Revenue finally above pre-Covid levels and core margins at a decade-high. But management seemed to...

Tracking Traffic

China TMT Update Jun 1 - 700.HK/Douyin/3690.HK/TCOM/Li- Supercell’s New Game Receives Unenthusiastic

700.HK: Supercell’s new game receives unenthusiastic reception (-) 3690.HK/TCOM: Douyin launches new hotel booking feature; LI: Li Auto's daily...

Blue Lotus Research Institute

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