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

<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

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. 


<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

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

Covid-19 /: Covid surge leaves blood banks begging for donations around ChinaEconomy /: Key policy meeting highlights economic stability and restoring confidenceProperty /: China real estate’s nagging woes are ‘top priority,’ state economist says

Covid-19 /: Covid surge leaves blood banks begging for donations around ChinaEconomy /: Key policy meeting highlights economic stability and restoring confidenceProperty /: China real estate’s nagging woes are ‘top priority,’ state economist says

CX Daily: China’s Drive to Kick the Foreign IT Habit

<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

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.

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Travelsky Technology Ltd H (696 HK)

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

CX Daily: China’s Drive to Kick the Foreign IT Habit

Covid surge leaves blood banks begging for donations around China. Key policy meeting highlights economic stability and restoring confidence. China...

Caixin Global

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

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