DOCSLIB.ORG

Long-Term Business Growth Intact

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

Information Technology / China 696 HK Information Technology / China 2 April 2014 TravelSky Technology TravelSky Technology Target (HKD): 9.50 8.40 Upside: 15.1% 696 HK 2 Apr price (HKD): 7.30 Long-term business growth intact 1 Buy 2 Outperform (unchanged) • We expect the EBIT margin to start to improve in 2014 3 Hold after it deteriorated in 2013 4 Underperform • Settlement services, mobile apps, a cargo logistics system 5 Sell and IT outsourcing to boost earnings over the long term • Lowering 6-month target price to HKD8.40 while reiterating Outperform (2) rating Umetrip to come from advertising monetisation of Umetrip and the income, and start to contribute to rising contribution of other ancillary earnings from 2015. Meanwhile, due services. to worse-than-expected 2013 results, we lower our EBIT margin Forecast revisions (%) Kelvin Lau assumptions, leading to 2014-15E Year to 31 Dec 14E 15E 16E (852) 2848 4467 EPS cuts of 12-17%. Revenue change 0.1 0.7 n.a. [email protected] Net profit change (12.4) (16.9) n.a. ■ What we recommend Core EPS (FD) change (12.4) (16.9) n.a. The share price has fallen by 14% Source: Daiwa forecasts ■ What's new since the results were announced on While we found the 2013 results 24 March 2014, due to concerns Share price performance disappointing, we expect TravelSky about long-term margin erosion. (HKD) (%) Technology’s (TravelSky) EBIT However, as we expect the EBIT 9.0 165 margin to have bottomed out in margin to recover from 2014 and 7.9 146 2013, and revenue to rise in tandem booking growth to track the traffic 6.8 128 5.6 109 with the traffic growth of the China growth of China’s aviation industry, aviation market going forward. 4.5 90 we remain positive on the prospects Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 ■ What's the impact for the stock. Following our forecast Travelsky (LHS) Relative to HSI (RHS) The 2013 results were affected by a cuts, we lower our DCF-based 6- month target price to HKD8.40 surge in operating costs as a result of 12-month range 4.73-8.53 rises in operating-lease expenses from HKD9.50. However, we see the Market cap (USDbn) 2.75 and technical fees, which we believe current 2014E PER of 13x as 3m avg daily turnover (USDm) 2.85 undemanding and forecast an EPS Shares outstanding (m) 2,926 were one-offs. We see the EBIT Major shareholder China TravelSky Hldg Co (29.3%) margin starting to improve this year. CAGR of 14% for 2013-16E. Financial summary (CNY) Also, we expect TravelSky’s booking We regard the 2014E PER of 16x implied by our target price as fair, as Year to 31 Dec 14E 15E 16E growth to move in line with China’s Revenue (m) 5,099 5,827 6,668 we believe the development of new aviation traffic growth, and believe Operating profit (m) 1,407 1,646 1,949 the impact of foreign competition IT-related services warrants the Net profit (m) 1,318 1,518 1,779 stock trading at a premium to its Core EPS (fully-diluted) 0.451 0.519 0.608 will be limited. Further long-term EPS change (%) 9.3 15.1 17.2 earnings drivers would include past-5-year average of 11x. The main risk to our call would be weaker- Daiwa vs Cons. EPS (%) (10.8) (9.8) n.a. contributions from the accounting PER (x) 13.0 11.3 9.6 settlement service, air-freight than-expected booking growth. Dividend yield (%) 2.6 3.1 3.6 logistics system, IT outsourcing DPS 0.155 0.178 0.209 ■ How we differ PBR (x) 1.7 1.5 1.4 service, and the monetisation of As one of 2 brokers covering the EV/EBITDA (x) 7.8 6.9 5.9 Umetrip (TravelSky’s smartphone stock we are more positive on the ROE (%) 13.8 14.4 15.2 app). We expect the monetisation of Source: FactSet, Daiwa forecasts See important disclosures, including any required research certifications, beginning on page 13 Information Technology / China 696 HK 2 April 2014 Financial summary Key assumptions Year to 31 Dec 2009 2010 2011 2012 2013 2014E 2015E 2016E Overall passenger booking growth 17.9 17.2 9.2 8.9 11.1 11.7 11.7 0.0 Domestic passenger booking growth 21.9 15.5 8.6 7.8 10.3 11.0 11.0 0.0 Int'l passenger booking growth (%) (3.2) 28.4 12.8 15.3 15.6 15.0 15.0 0.0 Foreign airlines passenger booking 2.1 29.6 15.5 27.5 19.3 15.0 15.0 0.0 growth (%) PRC airlines' int'l passenger booking (4.9) 27.9 11.8 10.8 14.0 15.0 15.0 0.0 growth (%) Profit and loss (CNYm) Year to 31 Dec 2009 2010 2011 2012 2013 2014E 2015E 2016E Aviation information technology service 1,808 2,083 2,259 2,436 2,582 2,825 3,092 3,385 Accounting, settlement and clearing 250 296 380 430 431 496 570 656 Other Revenue 469 566 899 1,091 1,465 1,778 2,164 2,628 Total Revenue 2,527 2,945 3,538 3,956 4,479 5,099 5,827 6,668 Other income 00000000 COGS (1,115) (1,160) (1,497) (1,916) (2,403) (2,747) (3,146) (3,586) SG&A (273) (393) (452) (491) (461) (515) (575) (642) Other op.expenses (341) (404) (406) (331) (381) (430) (460) (491) Operating profit 798 988 1,182 1,218 1,234 1,407 1,646 1,949 Net-interest inc./(exp.) 8139644964806861 Assoc/forex/extraord./others2420373815161718 Pre-tax profit 904 1,047 1,283 1,304 1,312 1,503 1,731 2,028 Tax (109) (130) (208) (142) (73) (150) (173) (203) Min. int./pref. div./others (19) (22) (28) (30) (34) (35) (40) (47) Net profit (reported) 776 894 1,047 1,133 1,206 1,318 1,518 1,779 Net profit (adjusted) 776 894 1,047 1,133 1,206 1,318 1,518 1,779 EPS (reported)(CNY) 0.269 0.306 0.358 0.387 0.412 0.451 0.519 0.608 EPS (adjusted)(CNY) 0.269 0.306 0.358 0.387 0.412 0.451 0.519 0.608 EPS (adjusted fully-diluted)(CNY) 0.269 0.306 0.358 0.387 0.412 0.451 0.519 0.608 DPS (CNY) 0.089 0.105 0.120 0.133 0.140 0.155 0.178 0.209 EBIT 798 988 1,182 1,218 1,234 1,407 1,646 1,949 EBITDA 1,212 1,446 1,686 1,549 1,614 1,837 2,106 2,440 Cash flow (CNYm) Year to 31 Dec 2009 2010 2011 2012 2013 2014E 2015E 2016E Profit before tax 904 1,047 1,283 1,304 1,312 1,503 1,731 2,028 Depreciation and amortisation 338 359 354 279 328 378 407 439 Tax paid (110) (143) (135) (249) (3) (150) (173) (203) Change in working capital (384) 54 (169) (570) 130 0 0 0 Other operational CF items (37) (14) (14) (67) (23) (41) (30) (24) Cash flow from operations 711 1,303 1,319 697 1,744 1,690 1,936 2,241 Capex (259) (2,345) (212) (363) (834) (1,760) (1,860) (1,560) Net (acquisitions)/disposals 15 565 (354) 1,058 (107) 0 0 0 Other investing CF items 87 66 (444) (181) 69 85 74 68 Cash flow from investing (157) (1,715) (1,010) 514 (872) (1,675) (1,786) (1,492) Change in debt 0 0 0 00000 Net share issues/(repurchases) 0 0 0 00000 Dividends paid (313) (243) (316) (358) (396) (417) (460) (529) Other financing CF items 0 0 0 00000 Cash flow from financing (313) (243) (316) (358) (396) (417) (460) (529) Forex effect/others (1) (2,522) (1,742) (2,461) (1,031) (1,132) (1,132) (1,132) Change in cash 240 (3,177) (1,748) (1,608) (556) (1,534) (1,443) (913) Free cash flow 452 (1,041) 1,107 334 910 (70) 76 681 Source: FactSet, Daiwa forecasts - 2 - Information Technology / China 696 HK 2 April 2014 Financial summary continued … Balance sheet (CNYm) As at 31 Dec 2009 2010 2011 2012 2013 2014E 2015E 2016E Cash & short-term investment 3,859 2,638 2,983 2,771 3,481 2,945 2,634 2,854 Inventory 884299999 Accounts receivable 1,561 1,628 2,059 2,543 2,642 2,642 2,642 2,642 Other current assets 379 265 763 1,228 915 915 915 915 Total current assets 5,807 4,539 5,809 6,571 7,047 6,511 6,200 6,420 Fixed assets 933 1,098 950 897 1,458 2,684 3,881 4,746 Goodwill & intangibles 83 104 51 63 202 202 202 202 Other non-current assets 286 2,219 2,196 2,350 2,434 2,688 2,907 3,126 Total assets 7,109 7,960 9,007 9,881 11,142 12,085 13,190 14,494 Short-term debt 0 0 0 00000 Accounts payable 861 1,033 1,321 1,408 1,771 1,771 1,771 1,771 Other current liabilities 7 41 40 24 52 52 52 52 Total current liabilities 868 1,073 1,362 1,432 1,823 1,823 1,823 1,823 Long-term debt 0 0 0 00000 Other non-current liabilities 20 19 18 17 18 18 18 18 Total liabilities 888 1,093 1,380 1,449 1,841 1,841 1,841 1,841 Share capital 1,951 1,951 2,926 2,926 2,926 2,926 2,926 2,926 Reserves/R.E./others 4,160 4,792 4,555 5,337 6,151 7,060 8,125 9,382 Shareholders' equity 6,111 6,743 7,481 8,263 9,078 9,986 11,051 12,309 Minority interests 110 124 145 168 223 257 297 344 Total equity & liabilities 7,109 7,960 9,007 9,881 11,142 12,085 13,190 14,494 EV 13,220 14,448 14,101 14,327 13,677 14,248 14,599 14,426 Net debt/(cash) (3,859) (2,638) (2,983) (2,771) (3,481) (2,945) (2,634) (2,854) BVPS (CNY) 2.088 2.304 2.557 2.824 3.102 3.413 3.777 4.206 Key ratios (%) Year to 31 Dec 2009 2010 2011 2012 2013 2014E 2015E 2016E Sales (YoY) 15.4 16.5 20.1 11.8 13.2 13.9 14.3 14.4 EBITDA (YoY) 18.4 19.3 16.6 (8.1) 4.2 13.8 14.6 15.9 Operating profit (YoY) 30.3 23.8 19.6 3.0 1.3 14.1 17.0 18.4 Net profit (YoY) 21.5 15.3 17.1 8.2 6.4 9.3 15.1 17.2 Core EPS (fully-diluted) (YoY) 12.3 13.5 17.1 8.2 6.4 9.3 15.1 17.2 Gross-profit margin 55.9 60.6 57.7 51.6 46.3 46.1 46.0 46.2 EBITDA margin 48.0 49.1 47.7 39.2 36.0 36.0 36.1 36.6 Operating-profit margin 31.6 33.5 33.4 30.8 27.5 27.6 28.2 29.2 Net profit margin 30.7 30.4 29.6 28.6 26.9 25.9 26.1 26.7 ROAE 13.4 13.9 14.7 14.4 13.9 13.8 14.4 15.2 ROAA 11.6 11.9 12.3 12.0 11.5 11.4 12.0 12.9 ROCE 13.6 15.1 16.3 15.2 13.9 14.4 15.2 16.2 ROIC 33.0 26.2 22.3 21.1 20.3 19.3 18.5 19.0 Net debt to equity net cash net cash net cash net cash net cash net cash net cash net cash Effective tax rate 12.1 12.5 16.2 10.9 5.5 10.0 10.0 10.0 Accounts receivable (days) 193.3 197.6 190.2 212.3 211.3 189.1 165.5 144.6 Current ratio (x) 6.7 4.2 4.3 4.6 3.9 3.6 3.4 3.5 Net interest cover (x) n.a.
Recommended publications
  • Annual Report Corporate Profile

    Annual Report Corporate Profile

    Tel: (8610) 5765 0696 Fax: (8610) 5765 0695 Email: [email protected] Address: TravelSky High-Tech Industrial Park, Houshayu Town, 2020 Shunyi District, Beijing, PRC Postal Code: 101318 Website: www.travelskyir.com 2020 ANNUAL REPORT CORPORATE PROFILE TravelSky Technology Limited (the “Company”, together with its subsidiaries, the “Group”) is the dominant provider of information technology solutions for China’s aviation and travel industry. The core business of the Company includes aviation information technology service, distribution information technology service, accounting, settlement and clearing service for aviation industry, etc. The Group has been devoted to developing leading products and services that satisfy the needs of all the industry participants – ranging from commercial airlines, airports, air travel products and services suppliers to travel agencies, corporate clients, travelers and cargo shippers – to conduct electronic transactions and manage travel-related information. The Company was incorporated in the People’s Republic of China (the “PRC” or “China”) on October 18, 2000. The H shares of the Company were listed on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) (stock code: 00696) on February 7, 2001. On December 27, 2002, the American depositary shares under the Sponsored Level I American Depositary Receipt Programme established by the Company commenced trading on the U.S. over-the-counter market (OTC). Since 2015, the H shares of the Company has been added to the lists of MSCI Emerging Markets Index, Hang Seng Composite LargeCap & MidCap Index, Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, etc. As of the date of this report, the largest shareholder of the Company is China TravelSky Holding Company Limited, which holds an equity interest of approximately 29.29% in the Company.
  • Travelsky Interline Traffic Agreement

    Travelsky Interline Traffic Agreement

    TravelSky Interline Traffic Agreement List of airlines issuable on HR-169 ticket. IATA IATA IATA Code Airline Name Code Airline Name Code Airline Name 0B Blue Air Airline BI Royal Brunei IZ Arkia 2M Maya Island Air BL Jetstar Pacific Airlines J2 Azerbaijan Airlines 3K Jetstar Asia BP Air Botswana JD Beijing Capital Airlines 3M Silver Airways Corp BR EVA Air JJ TAM Linhas Aereas 3S Air Antilles Express BT Air Baltic JL Japan Airlines 3U Sichuan Airlines BV Blue Panorama Airlines JQ Jetstar 4O Interjet BW Caribbean Airlines JU Air Serbia 5F FlyOne CG Airlines PNG JX Starlux Airlines 5H Five Forty Aviation CI China Airlines JY Intercaribbean Airways 5U TAG - Transportes Aereos Guate... CM Copa Airlines K6 Cambodia Angkor Air 7C Jeju Air CU Cubana de Aviacion K7 Air KBZ 7R Rusline CX Cathay Pacific KA Cathay Dragon 8L Lucky Air DE Condor KC Air Astana 8M Myanmar Airways DV JSC Aircompany Scat KE Korean Air 8Q Onur Air DZ Donghai Airlines KF Air Belgium 8U Afriqiyah Airways EI Aer Lingus KM Air Malta 9K Cape Air EK Emirates KP Asky 9N Tropic Air Limited EL Ellinair KQ Kenya Airways 9U Air Moldova EN Air Dolomiti KR Cambodia Airways 9V Avior ET Ethiopian Airlines KU Kuwait Airways 9X Southern Airways Express EY Etihad Airways KX Cayman Airways A3 Aegean Airlines FB Bulgaria Air LA Lan Airlines A9 Georgian Airways FI Icelandair LG Luxair AC Air Canada FJ Fiji Airways LH Lufthansa AD Azul Linhas Aereas Brasileiras FM Shanghai Airlines LI LIAT AE Mandarin Airlines GA Garuda Indonesia LM Loganair AH Air Algerie GF Gulf Air LO LOT Polish Airlines
  • Annual Report 2009 FINANCIAL HIGHLIGHTS

    Annual Report 2009 FINANCIAL HIGHLIGHTS

    CONTENTS Corporate Profile 1 Financial Highlights 2 Chairman’s Statement 4 Business Review 7 Management Discussion and Analysis of Financial Condition and Results of Operations 14 Corporate Governance Report 20 Report of Directors 34 Report of the Supervisory Committee 54 Independent Auditor’s Report 56 Consolidated Statement of Comprehensive Income 58 Consolidated Balance Sheet 59 Balance Sheet 60 Consolidated Statement of Changes 61 in Shareholders’ Equity Consolidated Cash Flow Statement 62 Notes to the Consolidated Financial Statements 63 Supplementary Information from 127 the Management Corporate Information 128 Biographies of Directors, Supervisors, 133 Senior Management and Company Secretary CORPORATE PROFILE TravelSky Technology Limited (the “Company”, or including its subsidiaries, the “Group”) is the dominant provider of information technology solutions for China’s aviation and travel industry. The Group has been devoted to developing leading products and services that satisfy the needs of all the industry participants - ranging from commercial airlines, airports and air travel products and services suppliers to travel agencies, corporate clients, travelers and cargo shippers - to conduct electronic transactions and manage the demand for travel-related information. The core businesses of the Company include aviation information technology service, distribution information technology service, clearing and accounting and settlement service for aviation industry, etc. The Company was incorporated in the People’s Republic of China
  • Travelsky CRS System Users' Manual for Entrance-Level Agents

    Travelsky CRS System Users' Manual for Entrance-Level Agents

    TravelSky CRS System Users’ manual for entrance-level agents English Version 1.0 Table of contents Chapter One Becoming an authorized agent 4-10 Lesson One How to enter the CRS 5 Lesson Two How to input your registration information and gain control of the virtual working area ( SI ) 5 1 Lesson Three How to modify passwords and check out Virtual Working Area status (AN /DA) 8 Lesson Four How to exist the CRS (SO) 9 Chapter Two Getting yourself informed of flight availability 11-42 Lesson One How to require flight schedule timetable (SK/DS) 12 Lesson Two Display Flight Availability (AV) 19 Lesson Three Display First Available Transaction (FV) 27 Lesson Four Display Stopover, Dep/Arr Time, Equipment (FF) 31 Lesson Five Display Segment Information (DSG) 32 Lesson Six Fare Display (FD) 34 Lesson Seven Display Multiselecton Passenger List (ML) 37 Chapter Three Creating Passenger Name Record 43-137 Lesson One All about PNR 43 Lesson Two General guide to all PNR function designators 46 1. Name Element (NM) 47 2 Segment Elements (SD/SS/SA/SN) 54 3 Contact Element (CT) 63 4 Ticket Status (TK) 64 5 Special Service Requirement Element (SSR) 67 Lesson Three Optional PNR Elements 74 1 Other Service Information (OSI) 74 2 Remark Element (RMK) 76 3 Mailing Address Element (MA) 78 4 Option Element (OP) 79 5 Billing Account Element (BA) 80 Lesson Four Execute a PNR (@) 81 Lesson Five Undo PNR (IG) 86 Lesson Six Try to create a PNR 88 Lesson Seven Retrieval of PNR (RT/RRT/RTC) 105 Lesson Eight PNR Modification and Cancellation (XE) 115 Lesson Nine PNR
  • 01+02 Content+Cor.Profile

    01+02 Content+Cor.Profile

    COMPANY PROFILE TravelSky Technology Limited (the The Company was incorporated in the People’s Republic of China (the “Company” or, including its subsidiaries, the “PRC” or “China”) on October 18, 2000 and has a controlling equity “Group”) is the dominant provider of interest in each of TravelSky Technology (Hong Kong) Limited, Hainan information technology solutions for China’s Civil Aviation Cares Co., Ltd., Cares Shenzhen Co., Ltd., Cares Hubei air travel and tourism industries. The Co., Ltd., Cares Chongqing Information Technology Co., Ltd., Aviation Company has been devoted to developing Cares of Yunnan Information Co., Ltd., Civil Aviation Cares of Xiamen leading edge applications and services that Ltd., Civil Aviation Cares of Qingdao Ltd., Civil Aviation Cares of Xi’an address the needs of a wide range of industry Ltd., Civil Aviation Cares Technology of Xinjiang Ltd. and InfoSky participants - ranging from airlines, airports Technology Co., Ltd.. The Company also holds a significant equity and air travel suppliers to travel agencies, interest in each of the following associated companies: Shanghai Civil corporate travel consumers, air travel Aviation East China Cares System Integration Co., Ltd., Shenyang Civil consumers and cargo shippers - to conduct Aviation Cares of Northeast China, Ltd. and Aviation Cares of Southwest electronic transactions and manage Chengdu, Ltd.. travel-related information. The core businesses of the The Group had 1,170 employees as at December 31, 2002. Company include: The H shares of the Company were listed on The Stock Exchange Electronic Travel of Hong Kong Limited (the “Stock Exchange”) on February 7, 2001. The current largest shareholder of the Company is China Distribution TravelSky Holding Company (“CTHC”), which holds an equity interest of approximately 22.3 per cent.
  • Annual Report 2016 CONTENTS

    Annual Report 2016 CONTENTS

    Annual Report 2016 CONTENTS Corporate Profile 2 Financial Highlights 3 Statement of the Board 4 Business Review 6 Management Discussion and Analysis of Financial Condition and Results of Operations 11 Corporate Governance Report 19 Environmental, Social and Governance Report 35 Report of Directors 50 Report of Supervisory Committee 79 Independent Auditor’s Report 80 Consolidated Statement of Profit or Loss and Other Comprehensive Income 86 Consolidated Statement of Financial Position 88 Consolidated Statement of Changes in Equity 90 Consolidated Statement of Cash Flows 91 Notes to the Consolidated Financial Statements 92 Supplementary Information from the Management 171 Corporate Information 172 Biographies of Directors, Supervisors, Senior Management and Company Secretary 176 TRAVELSKY TECHNOLOGY LIMITED Annual Report 2016 CORPORATE PROFILE TravelSky Technology Limited (the “Company”, or together with its subsidiaries, the “Group”) is the dominant provider of information technology solutions for China’s aviation and travel industry. The Group has been devoted to developing leading products and services that satisfy the needs of all the industry participants – ranging from commercial airlines, airports, air travel products and services suppliers to travel agencies, corporate clients, travelers and cargo shippers – to conduct electronic transactions and manage travel-related information. The core businesses of the Company include aviation information technology service, distribution information technology service, clearing and accounting
  • Long-Term Business Growth Intact

    Long-Term Business Growth Intact

    Information Technology / China 696 HK Information Technology / China 2 April 2014 TravelSky Technology TravelSky Technology Target (HKD): 9.50 8.40 Upside: 15.1% 696 HK 2 Apr price (HKD): 7.30 Long-term business growth intact 1 Buy 2 Outperform (unchanged) • We expect the EBIT margin to start to improve in 2014 3 Hold after it deteriorated in 2013 4 Underperform • Settlement services, mobile apps, a cargo logistics system 5 Sell and IT outsourcing to boost earnings over the long term • Lowering 6-month target price to HKD8.40 while reiterating Outperform (2) rating Umetrip to come from advertising monetisation of Umetrip and the income, and start to contribute to rising contribution of other ancillary earnings from 2015. Meanwhile, due services. to worse-than-expected 2013 results, we lower our EBIT margin Forecast revisions (%) Kelvin Lau assumptions, leading to 2014-15E Year to 31 Dec 14E 15E 16E (852) 2848 4467 EPS cuts of 12-17%. Revenue change 0.1 0.7 n.a. [email protected] Net profit change (12.4) (16.9) n.a. ■ What we recommend Core EPS (FD) change (12.4) (16.9) n.a. The share price has fallen by 14% Source: Daiwa forecasts ■ What's new since the results were announced on While we found the 2013 results 24 March 2014, due to concerns Share price performance disappointing, we expect TravelSky about long-term margin erosion. (HKD) (%) Technology’s (TravelSky) EBIT However, as we expect the EBIT 9.0 165 margin to have bottomed out in margin to recover from 2014 and 7.9 146 2013, and revenue to rise in tandem booking growth to track the traffic 6.8 128 5.6 109 with the traffic growth of the China growth of China’s aviation industry, aviation market going forward.
  • Rapport Annuel

    Rapport Annuel

    Rapport annuel pour l’exercice terminé le 31 décembre 2010 Fonds d’actions canadiennes Fonds d’actions de petites sociétés canadiennes Fonds d’actions de grandes sociétés américaines Fonds d’actions de petites sociétés américaines Fonds d’actions EAEO Fonds d’actions marchés émergents Fonds canadien à revenu fixe Fonds d’obligations à long terme Fonds d’obligations à rendement réel Fonds d'obligations à court terme Fonds d’obligations américaines à haut rendement Fonds de marché monétaire Fonds synthétique de forte capitalisation américaine Fonds synthétique de moyenne capitalisation américaine Fonds de revenu 100 Fonds de revenu 20/80 Fonds de revenu 30/70 Fonds prudent de revenu mensuel Fonds de revenu 40/60 Fonds équilibré orienté Canada Fonds équilibré 50/50 Fonds équilibré 60/40 Fonds équilibré de revenu mensuel Fonds de croissance 70/30 Fonds de croissance 80/20 Fonds de croissance orienté Canada Fonds de croissance 100 Fonds de croissance mondiale 100 parts de catégorie O, I, P, F, R, S, D, E O(H), I(H), P(H), F(H), R(H), D(H) et E(H) Gérant : SOCIÉTÉ DE PLACEMENTS SEI CANADA Table des matières Responsabilité de la direction à l’égard de l’information financière 3 Rapport des vérificateurs 4 État du portefeuille de placements, états des résultats, états de l’actif net et états de l’évolution de l’actif net pour : Fonds d’actions canadiennes 5 Fonds d’actions de petites sociétés canadiennes 13 Fonds d’actions de grandes sociétés américaines 19 Fonds d’actions de petites sociétés américaines 29 Fonds d’actions EAEO 43 Fonds d’actions
  • Annual Group Front Cover2010 F:Layout 1.Qxd

    Annual Group Front Cover2010 F:Layout 1.Qxd

    Rapport semestriel (non vérifié) pour le semestre terminé le 30 juin 2011 Fonds d’actions canadiennes Fonds d’actions de petites sociétés canadiennes Fonds d’actions de grandes sociétés américaines Fonds d’actions de petites sociétés américaines Fonds d’actions EAEO Fonds d’actions marchés émergents Fonds canadien à revenu fixe Fonds d’obligations à long terme Fonds d’obligations à rendement réel Fonds d'obligations à court terme Fonds d’obligations américaines à haut rendement Fonds de marché monétaire Fonds synthétique de forte capitalisation américaine Fonds synthétique de moyenne capitalisation américaine Fonds de revenu 100 Fonds de revenu 20/80 Fonds de revenu 30/70 Fonds prudent de revenu mensuel Fonds de revenu 40/60 Fonds équilibré orienté Canada Fonds équilibré 50/50 Fonds équilibré 60/40 Fonds équilibré de revenu mensuel Fonds de croissance 70/30 Fonds de croissance 80/20 Fonds de croissance orienté Canada Fonds de croissance 100 Fonds de croissance mondiale 100 parts de catégorie O, parts de catégorie I, parts de catégorie P, parts de catégorie F, parts de catégorie R Aussi les parts de catégorie S pour ces Fonds seulement Aussi les parts des catégories O(H), I(H), P(H), F(H) et R(H) pour ces Fonds seulement Gérant : SOCIÉTÉ DE PLACEMENTS SEI CANADA Table des matières Responsabilité de la direction à l’égard de l’information financière 3 États de l’actif net, états des résultats, états de l’évolution de l’actif net, état du portefeuille de placements et notes afférentes à l’état du portefeuille de placements pour : Fonds d’actions
  • Annual Report 2017 2017 2017 Annual Report 2017

    Annual Report 2017 2017 2017 Annual Report 2017

    （在中華人民共和國註冊成立的股份有限公司） （股份代號：00696） 年 報 ANNUAL REPORT 2017 2017 2017 ANNUAL REPORT 2017 CONTENTS Corporate Profile 2 Financial Highlights 3 Statement of the Board 4 Business Review 6 Management Discussion and Analysis of Financial Condition and Results of Operations 12 Corporate Governance Report 22 Environmental, Social and Governance Report 35 Report of Directors 61 Report of Supervisory Committee 92 Independent Auditor’s Report 93 Consolidated Statement of Profit or Loss and Other Comprehensive Income 100 Consolidated Statement of Financial Position 102 Consolidated Statement of Changes in Equity 104 Consolidated Statement of Cash Flows 105 Notes to the Consolidated Financial Statements 107 Supplementary Information from the Management 186 Corporate Information 187 Biographies of Directors, Supervisors, Senior Management and Company Secretary 191 1 TRAVELSKY TECHNOLOGY LIMITED CORPORATE PROFILE TravelSky Technology Limited (the “Company”, or together with its subsidiaries, the “Group”) is the dominant provider of information technology solutions for China’s aviation and travel industry. The Group has been devoted to developing leading products and services that satisfy the needs of all the industry participants – ranging from commercial airlines, airports, air travel products and services suppliers to travel agencies, corporate clients, travelers and cargo shippers – to conduct electronic transactions and manage travel-related information. The core businesses of the Company include aviation information technology service, distribution
  • Information Proves Powerful

    Information Proves Powerful

    Q4 2007 Streamlining and securing business operations with customer visibility In This Issue Information Proves Powerful 01 AirCore Community Group 02 Flight Security 03 Next-Gen Loyalty Solution 04 Billund Airport and Unisys 05 RFID Revolution 06 Unisys Community Groups 08 Unisys Helps TravelSky Gear Up for Olympics 10 US$ Services Getting Cheaper 11 AirCore Ad Campaign Wins Industry Award 14 Editor’s Note Information Proves Powerful Dear Colleagues, Unisys Passenger Services Seminar attracts thought leaders, The year 2007 is closing and it was an eventful trend setters to solve critical industry challenges year for Unisys AirCore: Hahn Air took the booking Legacy systems remain the workhorse of The driver is revenue generation and suite into production and, the airline industry. But they’re rapidly losing differentiation. [I’m not following this: later in the year, upgraded power. As Richard Clarke, principal analyst Revenue generation and differentiation “drive” to release 2.7. A great deal with Travel Technology Research, put it, the imperative to reduce costs and maximize of groundwork has been “We are putting lipstick on the pig…it’s a revenue? Is it that the lack of new/sustainable covered in the past year, and we continue to work really beautiful pig…but, at the end of the means of revenue generation and lack of on several opportunities that we expect to bring day it’s still a pig…” differentiation are causing the need to into the AirCore community in 2008. Last October, a dynamic group of executives reduce costs and increase revenue?] The New Year will also bring additional evidence gathered at Unisys International Management He challenged traditional airlines to seek of the strength of Unisys Passenger Services Centre just outside Nice, France, to participate new ways to increase revenues by focusing solutions.
  • Travelsky Technology: a Defensive Play in China's Growing Air Travel

    Travelsky Technology: a Defensive Play in China's Growing Air Travel

    TravelSky Technology | March 2, 2016 MORGAN STANLEY RESEARCH March 2, 2016 MORGAN STANLEY ASIA LIMITED+ Watson Lau TravelSky Technology [email protected] +852 2239-1523 Edward H Xu, CFA A defensive play in China's growing air [email protected] +852 2239-1521 travel market; initiate at Overweight Industry View Stock Rating Price Target In-Line Overweight HK$13.77 TravelSky Technology ( 0696.HK, 696 HK ) Hong Kong/China Transportation & Infrastructure / China Stock Rating Overweight TSK is a major global distribution system (GDS) provider in China Industry View In-Line with a near monopoly, fostered by government regulation and Price target HK$13.77 Up/downside to price target (%) 17 customer - shareholder support. We believe TSK will benefit from Shr price, close (Feb 29, 2016) HK$11.72 China's stable air traffic growth and increasing airport expansions in 52-Week Range HK$15.60-7.30 Sh out, dil, curr (mn) 2,926 the next three to five years. Mkt cap, curr (mn) Rmb28,844 EV, curr (mn) Rmb24,528 China's leader in electronic ticket distribution: TravelSky (TSK) enjoys Avg daily trading value (mn) HK$79 strong shareholder support (i.e., its major airline customers are also owners) and solid customer relationships, acting as China's sole electronic ticket Fiscal Year Ending 12/14 12/15e 12/16e 12/17e ModelWare EPS (Rmb) 0.56 0.57 0.57 0.64 distribution provider for almost all Chinese airlines (more than 30), except Consensus EPS (Rmb)§ - 0.59 0.58 0.63 Spring Airlines, which has its own distribution system.