TravelSky hits over 8-year low as earning estimates miss street view

TravelSky Technology

17/01/2024 03:11

** Shares of TravelSky Technology  0696.HK  drop as much as
24.1% to HK$9.68, lowest since September 2015
    ** Stock marks the biggest one-day decline since debut in
February 2001; biggest pct loser in Hang Seng Composite Index on
information technology firms  .HSCIIT  
    ** Aviation information technology services provider expects
to record net profit of up to 1.45 bln yuan ($201.6 mln) for
2023 as compared to 2022's 679 mln yuan net profit due to 
significant year-on-year increase in civil aviation passengers
number
    ** Volume processed by systems of international and regional
commercial airlines for 2023 up 240.9% YoY but down 58.4% vs
2019 pre-COVID level 
    ** Volume processed by systems of domestic commercial
airlines up 147.6% YoY but down 8.2% vs 2019
    ** Citi says TravelSky's 2H23 earning is a big miss 
    ** "Despite an earning miss on first glance and expected
negative share price movement, we do not rule out the likelihood
of one-off items impacting earnings," Citi wrote, adding it is
awaiting clarification over the result weakness
    ** Hang Seng Composite Index on information technology firms
 .HSCIIT  drops 3.3% 
    ** Stock down 27% YTD 


($1 = 7.1916 Chinese yuan renminbi)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))