Daiwa lifted its target price for TravelSky Technology (00696) to HK$17 from HK$16 and maintained its "buy" rating.
The research house said with over 4m MAUs in 2019, the latest implied valuation of CNY401.8m is lower than what it had expected (compared to competitor Flight Manager at CNY2,139m after the C-series funding in 2016, on the back of around 4m MAUs). However, it is positive on the monetisation to unlock the loss-making application and provide financial gains to TravelSky, especially in the recent low passenger traffic environment.
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