TravelSky Technology: Still Neutral Considering Latest Metrics And Full-Year Guidance

2025-06-03 05:07:04 ET

Summary

• I maintain a Hold rating on TravelSky Technology, expecting unexciting FY25 results, implying limited catalysts.
• The AIT segment shows mixed signals: domestic growth offsets weak international volumes, with overall top-line expansion likely to slow this year.
• The SIS division's strong FY24 performance is unlikely to be repeated, as management guides for flattish growth in view of tough year-over-year comparisons.
• The stock's valuation appears fair, with no clear re-rating triggers; the expected single-digit revenue growth and stable margins in 2025 are not enough to support a higher multiple.

I continue to rate TravelSky Technology Limited (TSYHF) ( OTCPK:TSYHY ) (0696.HK). The previous November 22, 2024 write-up outlined my expectations of its future topline and bottom-line performances....

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