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Macquarie liftsTravelsky (00696) to HK$27.1
Macquarie Research lifted its target price for
Travelsky Technology (00696) to HK$27.1 from HK$22.3, and maintained its "outperform"
rating.
  The research house revisited its investment thesis and raised its FY2017-19 earnings 
estimates by 5-7%. It factored in lower staff cost ratios and better miscellaneous cost
control (eg travel) offsetting higher depreciation expenses.
  Macquarie said TravelSky remains its preferred long exposure to long-term structural air
travel growth in China. In addition, it introduced the blue-sky fair value of HK$36.5, in
case of price reforms in the GDS (global distribution system) sector.

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