Travelsky Technology is the largest provider of the aviation information systems in
China, which developed systems, such as flight control, air ticket distribution, check-in,
boarding and load planning, accounting, settlement and clearing system, and aviation
logistic. Based on DCF valuation, we derived a TP of HK$23.74, implied a P/E of 24.5x
and 22x in 2019/20F. We maintain a “Buy” rating with a potential upside of 42.8%.
(Closing price at 20 May 2019)