Serko "In it for the long haul" (Buy) Nair

研报英文原文证据摘录

Serko "In it for the long haul" (Buy) Nair

Global Research

20 May 2026ab

Serko Equities

New ZealandIn it for the long haul

Diversified Technology Services

12-month rating Buy

Current share price implies limited growth, and risk of AI disintermediation...

SKO's share price has fallen -32% over the last three months, reflecting a sharp multiple 12m price target NZ$3.20

pull-back as the market prices in concerns of potential AI disintermediation, coupled Prior : NZ$3.50

with global travel headwinds arising from the conflict in the Middle East. Rather

Price (20 May 2026) NZ$1.45

surprisingly, SKO's forward looking FY27 revenue guidance today was solid, with the

range broadly in line with both UBSe and consensus. However, commentary suggests RIC: SKO.NZ BBG: SKO NZ

that this is underpinned by "limited negative impacts" on business travel over the year.

Trading data and key metrics

Interestingly, SKO notes both Australian and US booking volumes over the last 10 weeks

52-wk range NZ$3.25-1.40

have remained resilient, with no signs of weakness emerging over recent May trading

either. Plus, Booking.com for Business revenues are more strongly tied to hotel bookings Market cap. NZ$0.18b/US$0.11b

in Europe, which are relatively sheltered from domestic airfares given rail or ground Shares o/s 125m (ORD)

transport alternatives. Longer term, SKO has reinforced their target of $250m of Free float 69%

revenue by FY30, implying a +24% revenue CAGR over the next three years, broadly in Avg. daily volume ('000) 77.2

line with SKO's top-line growth since FY24 (albeit below FY26/7 implied growth of Avg. daily value (m) NZ$0.1

~11%). Both UBSe and consensus FY30e forecasts however sit markedly below Common s/h equity (03/27E) NZ$0.09b

company expectations, at $174m and $193m, respectively.