TC

14/11/2019 18:01

{I-bank focus}UBS starts TravelSky Tech (00696) at HK$21.5

[ET Net News Agency, 14 November 2019] UBS Global Research initiated coverage on
TravelSky Technology (00696) with a "buy" rating and a target price of HK$21.5.
The research house said TravelSky's main business aviation information technology (AIT)
provides flight management and air ticket distribution system services for over 90% of
flights in China.
UBS expects a steady AIT business with a deep moat to defend against competition. It
forecast around 10% earnings growth p.a. in the next five years. The stock has traded
lower amid negative sentiment on China's airlines sector, which is unfair as it prices in
high correlation to China's airline industry but overlooks TravelSky's lower level of
cyclicality, solid FCF and healthy balance sheet. (KL)

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