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<Research> M Stanley Cuts TRAVELSKY TECH (00696.HK) TP to HKD8.8, Rating Underweight
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M Stanley issued a research report lowering its EPS forecasts for TRAVELSKY TECH (00696.HK) for 2026 and 2027 by 7.6% and 8.6%, respectively, reflecting slower revenue growth due to weak aviation demand amid global energy shocks. The broker also introduced a 2028 EPS forecast of RMB0.88. It reduced its TP for TRAVELSKY TECH (00696.HK) by 14% from HKD10.2 to HKD8.8, with a rating of Underweight. Due to a weaker growth outlook for 2026 to 2028 and beyond, lower-than-expected shareholder returns in FY2025, and slight downward revisions to its dividend payout ratio assumptions for 2026 to 2027, the decline in its base-case valuation per share exceeded the magnitude of the EPS forecast cuts, implying a reduction in the target valuation multiple. M Stanley noted that while Chinas reopening has supported TRAVELSKY TECHs earnings growth trend, traffic growth in 2026 may slow under macro challenges. In addition, slower-than-expected growth in foreign airline traffic has weighed on average selling price (ASP), while labor cost inflation may slow the pace of margin improvement. (da/u) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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