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>
<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 a system provider for airports in China that benefit from the reopening plan. </li>
<li>The company is not sensitive to the oil price and it has low debt which makes it attractive compared to the airlines.</li>
<li>The stock is trading at a 40% PBR discount to Shanghai International Airport. Historically, the company is trading at a 50% discount to its 5-year high on PBR.</li>
</ul>



Travelsky Technology Ltd H (696 HK) is a system provider for airports in China that benefit from the reopening plan. 
The company is not sensitive to the oil price and it has low debt which makes it attractive compared to the airlines.
The stock is trading at a 40% PBR discount to Shanghai International Airport. Historically, the company is trading at a 50% discount to its 5-year high on PBR.


Travelsky (696): Beneficiary from Potential Reopening in China

<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> remains the proxy for Chinese domestic flights with a healthy balance sheet. </li>
<li>There has been no conclusion on the new variant, Omicron, on how infectious or how lethal it is compared to the previous variant. </li>
<li>Nevertheless, its earnings will suffer as the Chinese authorities will not take chances and increase scrutiny on flight safety to prevent further outbreaks.</li>
</ul>



Travelsky Technology Ltd H (696 HK) remains the proxy for Chinese domestic flights with a healthy balance sheet. 
There has been no conclusion on the new variant, Omicron, on how infectious or how lethal it is compared to the previous variant. 
Nevertheless, its earnings will suffer as the Chinese authorities will not take chances and increase scrutiny on flight safety to prevent further outbreaks.


Travelsky (696): Sell Despite Healthy Balance Sheet

H1 2021 number of flights processed in China has shown signs of healthy recovery but due to the recent Delta Variant spread in China, <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 alongside the other travel-related names have been sold off. Furthermore, excerpts from an Instagram update provides some colour of the current state of air travel situation in the Chinese airport. 
The short-term recommendation is to stay away from <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> as the Delta variant has caused the negative sentiment on airline-related stocks to soar again as shown in the chart below.
Taking into account a more optimistic view that the higher vaccination rates in China and that it is working effectively against the current and future variant, therefore, air travel volume should recover, sooner rather than later, the company should benefit from the recovery thus for long-term investors, this is a stock that you can and should average down.
For investors who are to have exposure to <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> , this is probably the right time to start building exposure.

H1 2021 number of flights processed in China has shown signs of healthy recovery but due to the recent Delta Variant spread in China, Travelsky Technology Ltd H (696 HK) share price alongside the other travel-related names have been sold off. Furthermore, excerpts from an Instagram update provides some colour of the current state of air travel situation in the Chinese airport. 
The short-term recommendation is to stay away from Travelsky Technology Ltd H (696 HK) as the Delta variant has caused the negative sentiment on airline-related stocks to soar again as shown in the chart below.
Taking into account a more optimistic view that the higher vaccination rates in China and that it is working effectively against the current and future variant, therefore, air travel volume should recover, sooner rather than later, the company should benefit from the recovery thus for long-term investors, this is a stock that you can and should average down.
For investors who are to have exposure to Travelsky Technology Ltd H (696 HK) , this is probably the right time to start building exposure. 

Japan Airport Terminal Co / Equity Bottom-Up

Japan, like many other countries, is still fighting the COVID-19 pandemic through lockdowns and vaccinations at the same and drew concerns from the global community on holding the Olympic Games. 
The majority of the tourist attractions have reopened although a small part of them remained closed, increasing the confidence that the Japanese government has come up with a plan to contain the pandemic to ensure the success and safety of the Olympics and opening up the country for overseas tourists sooner rather than later. 
<div class="content-highlight">
For Long Short Investors - shorting the company on December 20th, 2020 has paid off. With the positive sentiment coming through, it is time to buy to cover this short and lock in the profit. 
For Long Only Investors - Trading at 37.5% lower from its peak PBR ratio for the past 1 year, combined with the positive sentiment and a catch-up play against the Japanese airlines, paying  2.5x PBR is not too expensive. Start to accumulate. 
</div>

Japan, like many other countries, is still fighting the COVID-19 pandemic through lockdowns and vaccinations at the same and drew concerns from the global community on holding the Olympic Games. 
The majority of the tourist attractions have reopened although a small part of them remained closed, increasing the confidence that the Japanese government has come up with a plan to contain the pandemic to ensure the success and safety of the Olympics and opening up the country for overseas tourists sooner rather than later. 

For Long Short Investors - shorting the company on December 20th, 2020 has paid off. With the positive sentiment coming through, it is time to buy to cover this short and lock in the profit. 
For Long Only Investors - Trading at 37.5% lower from its peak PBR ratio for the past 1 year, combined with the positive sentiment and a catch-up play against the Japanese airlines, paying  2.5x PBR is not too expensive. Start to accumulate. 


Japan Airport Terminal (9706): Olympic Is Coming

<a href="https://www.smartkarma.com/entities/samsonite-international-sa" target="_blank" data-smartkarma-citation="entities:12790:1" rel="noopener">Samsonite (1910 HK)</a> 's share price has enjoyed a handsome recovery in the past year and the gutsy bottom picker traders have made around 136% since May 2020. Has the recovery trade been priced in? If not, how much upside is left? Or it is all just a euphoria? 
<div class="content-highlight">
A channel check with flight processing software companies reveals that the recovery in the number of air travel passengers is real. There is of course a risk that there will be delayed recovery due to the emergence of the new variant or slower-than-expected vaccination exercise in the major part of the world.
</div>
Apart from that, <a href="https://www.smartkarma.com/entities/samsonite-international-sa" target="_blank" data-smartkarma-citation="entities:12790:1" rel="noopener">Samsonite (1910 HK)</a> looks like a buy to me especially when it has a decent amount of cash on the balance sheet.

Samsonite (1910 HK) 's share price has enjoyed a handsome recovery in the past year and the gutsy bottom picker traders have made around 136% since May 2020. Has the recovery trade been priced in? If not, how much upside is left? Or it is all just a euphoria? 

A channel check with flight processing software companies reveals that the recovery in the number of air travel passengers is real. There is of course a risk that there will be delayed recovery due to the emergence of the new variant or slower-than-expected vaccination exercise in the major part of the world.

Apart from that, Samsonite (1910 HK) looks like a buy to me especially when it has a decent amount of cash on the balance sheet. 

Samsonite (1910): Channel Checks Recovery

China

Travelsky Technology Limited provides information technology solutions for China's air travel and tourism industries.  The Company provides electronic travel distribution systems, or ETD, in China, develops airport passenger processing and air cargo systems, owns and operates real-time network for China's civil aviation industry, and operates Internet-based travel platform.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Travelsky Technology Ltd H (696 HK)

Travelsky (696): Beneficiary from Potential Reopening in China

China border reopening is coming sooner or later and Travelsky as the airport IT system provider is set to benefit from this. It also has a much...

Henry Soediarko

Travelsky (696): Sell Despite Healthy Balance Sheet

There has been no conclusion on the new variant, Omicron, on how infectious or how lethal it is compared to the previous variant. Nonetheless,...

Henry Soediarko

Travelsky (696): Maintain Positive Stand

An optimistic view that with the higher vaccination rates in China and is working effectively against the current and future variant, air travel...

Henry Soediarko

Japan Airport Terminal (9706): Olympic Is Coming

Tourist attractions have reopened although a small part of them remained closed, increase sing confidence the Olympics and opening up the country...

Henry Soediarko

Samsonite (1910): Channel Checks Recovery

Air travelers has started to recover implying that Samsonite's business recovery story is solid while the management has also coped efficiently...

Henry Soediarko

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)