Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>By one metric, outbound tourism in December improved to 89% of 2019 levels</li>
<li>Meanwhile, domestic activity in December remained close to pre-Covid levels</li>
<li>In this month's edition we track the tourism recovery in ten illustrative charts</li>
</ul>


By one metric, outbound tourism in December improved to 89% of 2019 levels
Meanwhile, domestic activity in December remained close to pre-Covid levels
In this month's edition we track the tourism recovery in ten illustrative charts


Monthly Chinese Tourism Tracker | China's 2023 Recovery in Ten Charts | (January 2024)

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

<ul>
<li>
<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> share price was unjustly sold off due to flows rather than operational performance.</li>
<li>The key business is processing flights for <strong>domestic</strong> tourism, with a lesser correlation to geopolitical issues.</li>
<li>Due to the strong earnings growth, PER is adjusted from 60x to 25x. </li>
</ul>



Travelsky Technology Ltd H (696 HK) share price was unjustly sold off due to flows rather than operational performance.
The key business is processing flights for domestic tourism, with a lesser correlation to geopolitical issues.
Due to the strong earnings growth, PER is adjusted from 60x to 25x. 


<ul>
<li>Visa-Free travel for Chinese tourists is certainly a boost for the <a href="https://www.smartkarma.com/entities/airports-of-thailand-pcl" target="_blank" data-smartkarma-citation="entities:239:1" rel="noopener">Airports of Thailand (AOT TB)</a> .</li>
<li>Compared to 2019 operational numbers, the 2023 number is still very low despite the large YoY gain thanks to the low base in 2022. </li>
<li>The valuation is still high as the share price has run ahead of its fundamentals.</li>
</ul>


Visa-Free travel for Chinese tourists is certainly a boost for the Airports of Thailand (AOT TB) .
Compared to 2019 operational numbers, the 2023 number is still very low despite the large YoY gain thanks to the low base in 2022. 
The valuation is still high as the share price has run ahead of its fundamentals.


Airport of Thailand (AOT): Not the Right Time

<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. 


<ul>
<li>
<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 the IT provider for airports in China thus it should be one of the stocks to benefit from China's reopening.</li>
<li>Despite already operating at a profit, the share price is still lagging behind the other travel-related names that are still loss-making.</li>
<li>Its operating numbers have already reached the 2019 level, a pre-COVID era, thus the opportunity to rebound is abundant. </li>
</ul>



Travelsky Technology Ltd H (696 HK) is the IT provider for airports in China thus it should be one of the stocks to benefit from China's reopening.
Despite already operating at a profit, the share price is still lagging behind the other travel-related names that are still loss-making.
Its operating numbers have already reached the 2019 level, a pre-COVID era, thus the opportunity to rebound is abundant. 


Travelsky (696): The Ignored Travel Stock of China

China

TravelSky Technology Ltd. is a dominant provider of information technology solutions for China's aviation and travel industry. It offers electronic travel distribution, airport passenger processing, and settlement and clearing services for airlines, airports, and travel agencies. The company is headquartered in Beijing, China, and was incorporated in 2000.

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TravelSky Technology (696 HK)

Monthly Chinese Tourism Tracker | China's 2023 Recovery in Ten Charts | (January 2024)

In this insight we document China's ongoing recovery in outbound and domestic tourism demand by sharing with readers ten illustrative charts.

Tracking Traffic

Travelsky (696): Cheaper Now

Travelsky share price is cheaper now due to the strong earnings growth. With a focus on domestic tourism, it is set to further benefit from this...

Henry Soediarko

Airport of Thailand (AOT): Not the Right Time

As the Thai government issues a visa-free policy for Chinese tourists, it is expected that AOT will benefit but its share price has run ahead of...

Henry Soediarko

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

Travelsky (696): The Ignored Travel Stock of China

Already operating at a profit, Travelsky 696 HK share price is still lagging behind the other travel-related names that are still loss-making. The...

Henry Soediarko

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