Asset Manager Investing in Global Technology Sector

We're an asset manager allocating 100% of our capital into public companies and cryptocurrency assets driving disruptive innovation globally. We serve as a family office of an Asia-based HNW family whose key members have made their fortune in the technology industry and are believers in technology as the key enabler of disruptive innovation. We seek to continue the family's legacy in creating and preserving wealth through technology investing.

Our small investment team is made up of diverse professionals who researches, identifies, and executes relevant opportunities. While we are not accepting outside clients and investors at the moment, we occasionally share some of our internal investment memos, market commentaries, and analysis here.

Friday, June 5, 2020

Q2.2020 - Amadeus: Eyeing A Rebound Opportunity

  • Amadeus is a global market leader in high-barrier and mission-critical airline GDS and IT sectors. Most world major airlines are customers.
  • It generated a €3.1 billion of revenue from its airline GDS business in 2019, having processed over 646 million of air bookings globally.
  • The COVID-19 impact on the travel industry has temporarily weakened its fundamentals and shares price, which creates a good entry point.

Amadeus (OTCMKTS: AMADY) (BME: AMS) is a global leader in the travel and tourism Global Distribution System/GDS space. The GDS is a computer reservation system that sources real-time travel inventory data such as flights or room availability from travel providers (airlines, hotels, and others), which will then be consumed by the travel sellers (online/offline travel agents, metasearch, and others). The company has a strong moat and fundamentals. Almost all of the major online travel and hospitality players around the world are Amadeus' clients, and given the ~ €10 billion of TAM opportunity, the company's latest +€5.6 billion of revenue means it has secured over 50% of the market. Profitability has been strong as earnings, EPS (Earnings Per Share), and DPS (Dividend Per Share) growth have been consistent.

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