DOCSLIB.ORG

Travelsky Technology (696 HK) Travel Sky T Echnol Ogy

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Travelsky Technology (696 HK) Travel Sky T Echnol Ogy China Information Technology 17 December 2015 TravelSky Technology (696 HK) Travel Sky T echnol ogy Target price: HKD13.50 (from HKD13.50) Share price (16 Dec): HKD13.58 | Up/downside: -0.5% Time to take a breather We see the stock as fairly valued at the current level Kelvin Lau (852) 2848 4467 But, we remain positive on the long-term outlook for the company [email protected] Downgrading to Hold (3); keeping target price at HKD13.50 What's new: We downgrade our rating on TravelSky to Hold (3), from Buy Forecast revisions (%) (1), as we believe the shares are fairly valued, having rallied by 32% in the Year to 31 Dec 15E 16E 17E past 3 months. While we remain positive on the long-term fundamental Revenue change (0.6) (1.0) (1.4) Net profit change (1.6) (1.4) (0.9) outlook for TravelSky, we recommend that investors await a better entry Core EPS (FD) change (1.6) (1.4) (0.9) point. Source: Daiwa forecasts What's the impact: Valuation on par with peers. The stock is trading Share price performance currently at a 2016E PER of 21x, on par with global peers such as (HKD) (%) Amadeus and Sabre (both not rated) and, in our view, is fairly valued. On 16 180 the one hand, we believe TravelSky merits a premium to its past-3-year 14 158 average PER of 13x, given the improving margin trend that we expect to 12 135 9 113 kick off in 2015. On the other hand, we not do not expect the stock to trade 7 90 at a premium to its global peers (currently at 2016E PER of 21x on Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 consensus forecasts), as we forecast it to see an earnings CAGR of 15% Travelsky (LHS) Relative to HSI (RHS) for 2015-17E, which is better than the consensus forecast of a 10% CAGR for Amadeus, but well below the 42% CAGR forecast for Sabre. 12-month range 7.74-15.56 Market cap (USDbn) 5.12 Long-term positive. We remain upbeat on the long-term outlook for 3m avg daily turnover (USDm) 11.09 TravelSky and highlight several potential share-price catalysts in the Shares outstanding (m) 2,926 Major shareholder China TravelSky Hldg Co (29.3%) coming years, including: 1) a possible ASP increase due to additional IT services offered to China airlines as a result of its new-generation system Financial summary (CNY) (which had a trial launch in 2015 and should ensure that TravelSky sees a Year to 31 Dec 15E 16E 17E smaller increase in staff expenses over our forecast horizon compared with Revenue (m) 5,616 6,232 6,919 prior years), 2) the monetisation and/or acceptance of strategic investment Operating profit (m) 1,396 1,616 1,864 Net profit (m) 1,359 1,575 1,808 in the mobile app, Umetrip, and 3) the provision of Big Data services. Also, Core EPS (fully-diluted) 0.464 0.538 0.618 we think China’s ongoing SOE reforms, including changes to management EPS change (%) 13.1 15.9 14.8 incentives, will help sharpen the company’s commercial instincts in the long Daiwa vs Cons. EPS (%) (10.7) (4.7) 1.3 term. Incorporating the most recent book data (YTD October), we revise PER (x) 24.4 21.1 18.4 Dividend yield (%) 1.8 1.6 1.9 down our traffic-booking volume growth forecast to 10.8-11.0% YoY for DPS 0.201 0.183 0.210 2015-17E (previously 11.7-12.0% YoY) and, in turn, 2015-17E EPS by 1- PBR (x) 2.8 2.6 2.4 2%. EV/EBITDA (x) 16.0 14.3 11.9 ROE (%) 12.4 13.0 13.6 What we recommend: We downgrade our rating to Hold (3), from Buy (1), Source: FactSet, Daiwa forecasts as the current share price is close to our DCF-based TP of HKD13.50, and we foresee no imminent share-price catalysts. The key downside and upside risks to our call would be lower-or-higher-than-expected booking growth. How we differ: The Bloomberg consensus earnings forecasts comprise only 2 sets of forecasts, and hence the variance between Daiwa’s numbers and the market’s is not particularly meaningful. See important disclosures, including any required research certifications, beginning on page 15 TravelSky Technology (696 HK): 17 December 2015 How do we justify our view? Growth outlook Valuation Earnings revisions Growth outlook TravelSky: net profit forecasts We forecast TravelSky to see net profit growth of 13-16% (CNYm) YoY for 2015-17E, driven mainly by growth in China 2,000 20% aviation, for which we forecast 11% YoY growth in the 15% booking volume, driven by strong outbound traffic. Also, we 1,500 forecast the company’s EBIT margin to widen from 24% in 10% 1,000 2014 to 27% in 2017E due to the planned launch in 2017 5% of its next-generation system, which we expect to slow the 500 rise in staff expenses and related charges relative to the 0% past 3 years. 0 (5%) 2010 2011 2012 2013 2014 2015E 2016E 2017E Net profit (LHS) YoY Growth (RHS) Source: Company, Daiwa forecasts Valuation TravelSky: 1-year forward PER (x) We find the stock is currently trading at a 2016E PER of (PER) 21x, above its past 3-year average and on par with global 25 peers such as Amadeus and Sabre. We can see grounds for the stock to trade a premium to its past average, given 20 that we expect 2015 to herald the start of a margin 15 improvement trend in contrast to the deteriorating trend of the past 3 years. But, if we compare TravelSky with its 10 peers on net profit growth, ROE and net gearing for 2015- 17E, we believe it should trade only in line with those 5 stocks (currently at 2016E PER multiple of 21x, on Jul-15 Jul-12 Jul-13 Jul-14 Jan-12 Jan-13 Jan-14 Jan-15 Mar-15 Mar-12 Mar-13 Mar-14 Sep-12 Nov-12 Sep-13 Nov-13 Sep-14 Nov-14 Sep-15 Nov-15 May-13 May-14 May-15 Bloomberg consensus forecasts). May-12 PER: +1 SD Average PER -1 SD Source: Bloomberg, Daiwa forecasts Earnings revisions TravelSky: Bloomberg consensus EPS forecast revisions On 2015-16E EPS, our forecasts are below those of the (CNY) consensus, likely because we exclude government 0.55 subsidies that we consider to be one-off in nature. We do 0.50 not expect the government subsidies to remain in place 0.45 beyond 2016. 0.40 0.35 0.30 0.25 Jul-14 Jul-15 Apr-14 Oct-14 Apr-15 Oct-15 Jan-14 Jun-14 Jan-15 Jun-15 Feb-14 Mar-14 Feb-15 Mar-15 Aug-14 Sep-14 Nov-14 Dec-14 Aug-15 Sep-15 Nov-15 Dec-15 May-14 May-15 2015E 2016E Source: Bloomberg 2 TravelSky Technology (696 HK): 17 December 2015 Financial summary Key assumptions Year to 31 Dec 2010 2011 2012 2013 2014 2015E 2016E 2017E Overall passenger booking growth (%) 17.2 9.2 8.9 10.5 10.7 11.0 10.8 10.8 Domestic passenger booking growth 15.5 8.6 7.8 10.3 9.7 10.0 10.0 10.0 (%) Int'l passenger booking growth (%) 28.4 12.8 15.3 11.9 16.2 16.1 14.7 14.5 Foreign airlines passenger booking 29.6 15.5 27.5 6.8 11.3 11.0 11.0 10.0 growth (%) PRC airlines' int'l passenger booking 27.9 11.8 10.8 14.0 18.2 18.0 16.0 16.0 growth (%) Profit and loss (CNYm) Year to 31 Dec 2010 2011 2012 2013 2014 2015E 2016E 2017E Aviation information technology 2,083 2,259 2,436 2,582 2,854 3,106 3,373 3,663 services Accounting, settlement and clearing 296 380 430 431 432 477 520 565 Other Revenue 566 899 1,091 1,465 2,029 2,034 2,340 2,691 Total Revenue 2,945 3,538 3,956 4,479 5,315 5,616 6,232 6,919 Other income 0 0 0 0 0 0 0 0 COGS (1,160) (1,497) (1,916) (2,403) (3,039) (3,009) (3,239) (3,472) SG&A (393) (452) (491) (461) (574) (701) (816) (949) Other op.expenses (404) (406) (331) (381) (447) (511) (561) (633) Operating profit 988 1,182 1,218 1,234 1,255 1,396 1,616 1,864 Net-interest inc./(exp.) 39 64 49 64 131 144 158 174 Assoc/forex/extraord./others 20 37 38 15 519 430 22 23 Pre-tax profit 1,047 1,283 1,304 1,312 1,905 1,970 1,796 2,062 Tax (130) (208) (142) (73) (213) (197) (180) (206) Min. int./pref. div./others (22) (28) (30) (34) (39) (45) (41) (47) Net profit (reported) 894 1,047 1,133 1,206 1,653 1,728 1,575 1,808 Net profit (adjusted) 894 1,047 1,133 1,128 1,202 1,359 1,575 1,808 EPS (reported)(CNY) 0.306 0.358 0.387 0.412 0.565 0.591 0.538 0.618 EPS (adjusted)(CNY) 0.306 0.358 0.387 0.385 0.411 0.464 0.538 0.618 EPS (adjusted fully-diluted)(CNY) 0.306 0.358 0.387 0.385 0.411 0.464 0.538 0.618 DPS (CNY) 0.105 0.120 0.133 0.140 0.133 0.201 0.183 0.210 EBIT 988 1,182 1,218 1,234 1,255 1,396 1,616 1,864 EBITDA 1,446 1,686 1,549 1,614 1,702 1,907 2,177 2,497 Cash flow (CNYm) Year to 31 Dec 2010 2011 2012 2013 2014 2015E 2016E 2017E Profit before tax 1,047 1,283 1,304 1,312 1,905 1,970 1,796 2,062 Depreciation and amortisation 359 354 279 328 394 458 508 581 Tax paid (143) (135) (249) (84) (149) (197) (180) (206) Change in working capital 54 (169) (570) 218 (233) 36 108 119 Other operational CF items (14) (14) (67) (30) (39) (108) (124) (142) Cash flow from operations 1,303 1,319 697 1,744 1,878 2,159 2,108 2,413 Capex (2,345) (212) (363) (979) (964) (2,274) (2,348) (600) Net (acquisitions)/disposals 565 (354) 1,058 (100) (130) 249 249 249 Other investing CF items 66 (444) (181) 335 (720) (99) (83) (68) Cash flow from investing (1,715) (1,010) 514 (745) (1,814) (2,124) (2,183) (419) Change in debt 0 0 0 0 0 0 0 0 Net share issues/(repurchases) 0 0 0 0 0 0 0 0 Dividends paid (243) (316) (358) (398) (418) (397) (595) (543) Other financing CF items 0 0 0 7 0 0 0 0 Cash flow from financing (243) (316) (358) (391) (418) (397) (595) (543) Forex effect/others (2,522) (1,742) (2,461) (1,087) (1,511) (1,263) (1,263) (1,263) Change in cash (3,177) (1,748) (1,608) (479) (1,865) (1,625) (1,933) 188 Free cash flow (1,041) 1,107 334 764 914 (115) (240) 1,813 Source: FactSet, Daiwa forecasts 3 TravelSky Technology (696 HK): 17 December 2015 Financial summary continued … Balance sheet (CNYm) As at 31 Dec 2010 2011 2012 2013 2014 2015E 2016E 2017E Cash & short-term investment 2,638 2,983 2,771 3,481 3,258 2,896 2,227 3,678 Inventory 8
Load more

Recommended publications
  • 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.
    [Show full text]
  • 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.
    [Show full text]
  • 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
    [Show full text]
  • 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
    [Show full text]
  • 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
    [Show full text]
  • 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.
    [Show full text]
  • 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
    [Show full text]
  • 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.
    [Show full text]
  • 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
    [Show full text]
  • 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
    [Show full text]
  • 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
    [Show full text]
  • 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.
    [Show full text]