Global Mobility/Transport, Equity Long-Short

Mohshin Aziz

Capital market veteran with 22 years experience with stints as an analyst (sell-side & buyside), investor relations and fund manager. 

My key expertise in the aviation sector. My definition of "aviation" includes airlines, travel tours, airports, airport retail & services, OEMs, online travel agents, aircraft lessors, air cargo/logistics, etc.   

I have an active watchlist consisting 190 companies across 41 countries. The aviation sector is highly cyclical and I am constantly evaluating signals to uncover attractive trade opportunities.

Travelsky (696 HK | HOLD | TP:HKD11.0): Making Good Progress

Travelsky (696 HK | BUY | TP:HKD9.92): Forget 2023, Think of 2024-25 Which Will Be Much Better

Equity Bottom-Up

Travelsky Technology Ltd H / Equity Bottom-Up

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<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> Jan-Feb operational data strong, volume processed by domestic +45% YoY and international by +52% YoY; much higher than the consensus 2024 forecast of 15%  </li>
<li>Traffic among the Big 3 Chinese airlines was up 46% YoY (-9% MoM) in March to +8% vs 2019. Domestic traffic rose 19% YoY (-11% MoM) to +24% vs 2019</li>
<li>TP of HKD9.92 <strong>(+8% UPSIDE)</strong> is based on 2024 PE 14.8x (1SD below mean). The upside is uncompelling, but we advocate a HOLD as traffic growth is stronger than consensus   </li>
</ul>



Travelsky Technology Ltd H (696 HK) Jan-Feb operational data strong, volume processed by domestic +45% YoY and international by +52% YoY; much higher than the consensus 2024 forecast of 15%  
Traffic among the Big 3 Chinese airlines was up 46% YoY (-9% MoM) in March to +8% vs 2019. Domestic traffic rose 19% YoY (-11% MoM) to +24% vs 2019
TP of HKD9.92 (+8% UPSIDE) is based on 2024 PE 14.8x (1SD below mean). The upside is uncompelling, but we advocate a HOLD as traffic growth is stronger than consensus   


Travelsky (696 HK | HOLD | TP:HKD9.92): Domestic Travel Will Support Growth