Is Corporate Travel the pick of Australia’s travel stocks?
The COVID-19 pandemic smashed the earnings of travel businesses across the globe. But here in Australia, Corporate Travel Management (ASX:CTD) not only…
The COVID-19 pandemic smashed the earnings of travel businesses across the globe. But here in Australia, Corporate Travel Management (ASX:CTD) not only withstood the tourism downturn – it was able to grow. With its share price still below the pre-COVID-19 level, and the business in great shape, Corporate Travel Management is a quality company with potential for much larger earnings growth in the years ahead.
The Australian Eagle investment team has multiple ways to determine the quality of a business. In the case of Corporate Travel Management which operates in an established industry, assessing how the company managed their way through a crisis, forms a significant part of our determination of the stock’s qualitative rating. As such, the past 3 years have been a well-documented crisis for the multi trillion-dollar global travel industry. During this uncertain period, management was able to operate the business without additional finance, remaining debt-free since 2020. Compared with its listed peers, the company stood out as the only travel business to issue equity to finance an expansion and not raise capital purely for survival. The earnings accretive acquisition of a similar sized competitor during a difficult time significantly grew the size and capabilities of the existing group.
During a period of industry-wide hardship, Corporate Travel Management acquired Travel & Transport and other smaller companies, thereby extending its geographic reach, and expanding earnings before interest, taxes, depreciation, and amortization (EBITDA) under normal trading conditions by about 65 per cent beyond pre COVID-19 levels. It is during a challenging period such as this, that quality companies seek to utilise their competitive advantage to enter the subsequent recovery phase with a larger market position. This, along with indications of the accelerating speed of return of business travellers firstly in New Zealand and subsequently in other geographies, provided the trigger that confirmed Corporate Travel Management’s potential for much larger earnings growth in the coming years.
With the addition of its recent acquisitions, the company has forecast that upon full resumption of travel, EBITDA should be about $265 million versus $165 million pre-pandemic. Despite the expanded customer base and market share, the share price remains 30 per cent below pre-COVID-19 levels while competitor enterprise values are at or above pre COVID-19 levels. The most recent trading update in October 2022 highlighted strong client retention, record level new client wins and continued EBITDA positive group operations. Recent concerns over tough trading conditions should pale in comparison to ones experienced during COVID-19 and are only likely to delay, not extinguish, a resumption to full earnings potential.
The Montgomery Funds own shares in Corporate Travel Management. This article was prepared 16 January 2023 with the information we have today, and our view may change. It does not constitute formal advice or professional investment advice. If you wish to trade Corporate Travel Management you should seek financial advice.
Connext, Chainsafe, Sygma, LiFi, Socket, Hashi, Across, Celer, and Router issued a joint statement criticizing the new token.
A new bridged token from cross-chain protocol LayerZero is drawing criticism from nine protocols throughout the Ethereum ecosystem. A joint statement from Connext, Chainsafe, Sygma, LiFi, Socket, Hashi, Across, Celer, and Router on October 27 called the token’s standard “a vendor-locked proprietary standard,” claiming that it limits the freedom of token issuers.
The protocols claimed in their joint statement that LayerZero’s new token is “a proprietary representation of wstETH to Avalanche, BNB Chain, and Scroll without support from the Lido DAO [decentralized autonomous organization],” which is created by “provider-specific systems […] fundamentally owned by the bridges that implement them.” As a result, it creates “systemic risks for projects that can be tough to quantify,” they stated. The protocols advocated for the use of the xERC-20 token standard for bridging stETH instead of using LayerZero’s new token.
Lido Staked Ether (stETH) is a liquid staking derivative produced when a user deposits Ether (ETH) into the Lido protocol for staking. On October 25, LayerZero launched a bridged version of stETH, called "Wrapped Staked Ether (wstETH)" on BNB Chain, Avalanche, and Scroll. Prior to this launch, stETH was not available on these three networks.
Since any protocol can create a bridged version of a token, LayerZero was able to launch wstETH without needing the approval of Lido’s governing body, LidoDAO. In addition, both BNB Chain and LayerZero announced the token’s launch on X (formerly Twitter), and BNB Chain tagged the Lido development team in its announcement. Members of LidoDAO later claimed that these actions were an attempt to mislead users into believing that the new token had support from the DAO.
On the same day that LayerZero launched wstETH, they proposed that LidoDAO should approve the new token as the official version of stETH on the three new networks. They offered to transfer control of the token’s protocol to LidoDAO, relinquishing LayerZero’s administration of it. In response, some LidoDAO members complained that this move was intended to create a fait accompli to pressure the DAO into passing the proposal when they otherwise wouldn’t have.
“There appears to have been a coordinated marketing effort between Avalanche, BNB, and LayerZero with a series of twitter posts and slick videos implying that LidoDAO has already officially accepted the OFT standard,” LidoDAO member Hart Lambur posted to the forum, adding “How is this possible when this is just a proposal?”
Some members also argued that the new token could pose security issues. “Layer Zero is a super centralized option that exposes Ethereum’s main protocol to an unprecedented catastrophe,” LidoDAO member Scaloneta claimed, arguing that a hack in the protocol’s verification layer “would imply that infinite wsteth will be minted.”
Cointelegraph reached out to the LayerZero team for comment through Telegram and email, but did not receive a response by the time of publication. In April, LayerZero raised over $120 million to help build more cross-chain functionality into the Web3 ecosystem and partnered with Radix to bring cross-chain functionality to the Radix Babylon network.
Bitcoin is taking a breather after this week’s strong rally, but select altcoins may be getting ready to breakout over the next few days.
Bitcoin (BTC) has been trading above $33,600 for the past two days, indicating that the bulls are not rushing to the exit. After a sharp rally, if the price does not give up much ground, it may cause FOMO and ignite another round of buying.
That could push the markets further into overbought territory. However, such rallies are rarely sustainable. They eventually turn down and retest the breakout levels. Hence, Bitcoin’s drop to $32,000 can not be ruled out.
The rally of the past few days pushed Bitcoin’s dominance to 54%, its highest level in 30 months. The rise in market dominance shows that Bitcoin is leading the charge higher, which is a positive sign. This suggests that traders are favorably viewing the cryptocurrency space and select altcoins may join the party soon.
Veteran trader Peter Brandt said in a post on X (formerly Twitter) on Oct. 26 that Bitcoin’s bottom is in but he warns that new all-time highs may not happen until the third quarter of 2024. Meanwhile, Brandt predicts Bitcoin to enter a “chop fest.”
Will Bitcoin enter a corrective phase over the next few days or continue its upward march? Will altcoins join the party higher?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin is facing resistance at $35,000 but the bulls have not given up much ground. This suggests that the buyers may soon try to resume the up-move.
The risk to a further rise is that the relative strength index (RSI) remains in the overbought area. This indicates the possibility of a minor correction or consolidation in the near term. If the price slides below $33,679, the BTC/USDT pair could retest $32,400 and then $31,000.
However, it is not certain that the overbought levels on the RSI will cause a correction. Sometimes, during a trend change from bearish to bullish, the RSI tends to remain in overbought territory for a long time. That is because the smart buyers continue to accumulate on every intraday dip.
In this case, if the price turns up from the current level and breaks above $35,280, it will signal the start of the next leg of the uptrend. The pair may then skyrocket to $40,000.
Ether price analysis
Ether’s (ETH) long wick on the Oct. 26 candlestick shows that the bears are aggressively protecting the minor overhead resistance at $1,855.
The rising 20-day EMA ($1,674) and the RSI near the overbought zone indicate that bulls have the upper hand. If the price turns up from $1,746, the bulls will again try to shove the ETH/USDT pair above $1,855. If this level is surmounted, the pair may skyrocket toward the psychologically important level of $2,000.
If bears want to prevent the up-move, they will have to quickly send the price back below the breakout level of $1,746. The pair may then tumble to the 20-day EMA.
BNB price analysis
BNB (BNB) turned down from $235 on Oct. 24, indicating that the bears are active at this level. The sellers tried but failed to sustain the price below the strong support at $223.
This indicates that buyers are fiercely attempting to defend the support at $223. If the price rebounds off this level with strength, the BNB/USDT pair could once again try to rise above the overhead resistance at $235. If that happens, the pair may climb to $250 and subsequently to $265.
Contrarily, if the price once again turns down from $235, it will suggest that bears continue to sell at higher levels. A slide below $223 will tilt the advantage back in favor of the bears. The pair may then oscillate between $203 and $235 for a while longer.
XRP price analysis
XRP (XRP) has been witnessing a tough battle between the bulls and the bears near the overhead resistance of $0.56.
The bears are trying to pull the price to the 20-day EMA ($0.52) which is an important level to keep an eye on. If the price sharply rebounds off this level, it will suggest that every minor dip is being bought. The bulls will then again try to kick the price above $0.56.
If they succeed, it will signal the start of a new up-move. The XRP/USDT pair could then soar to $0.71. This positive view will be negated in the near term if the price turns down and plunges below the 50-day SMA ($0.51). That will indicate a range-bound action between $0.46 and $0.56 in the near term.
Solana price analysis
Solana (SOL) has been trading near the pattern target of $32.81 for the past few days. The bulls have not ceded ground to the bears, indicating that they anticipate another leg higher.
The RSI remains in the overbought zone, indicating that the SOL/USDT pair may spend some more time in consolidation or witness a minor dip. If the price stays above $30, the possibility of a rally to $38.79 increases.
On the other hand, if the price skids below $30, the bears will attempt to yank the price to the 20-day EMA ($27.20). If this support gives way, it will signal that the sellers are back in the game.
Cardano price analysis
Cardano (ADA) has been trading above the $0.28 level for the past few days but the bulls haven’t been able to start a strong relief rally.
Buyers tried to start a new up-move on Oct. 26 but the bears sold at higher levels as seen from the long wick on the candlestick. Encouraged by this, the sellers will try to tug the price back below the breakout level of $0.28. If they can pull it off, the ADA/USDT pair may slump to the 20-day EMA ($0.26).
Instead, if the price turns up from $0.28 and rises above $0.30, it will signal that the bulls have flipped the level into support. The pair may then start its northward march toward $0.32. This level may act as a stiff barrier but if cleared, the next stop is likely to be $0.38.
Dogecoin price analysis
Dogecoin (DOGE) has been in a strong recovery for the past few days, indicating aggressive buying by the bulls.
Buyers pushed the price above the nearest resistance of $0.07 on Oct. 26 but the long wick on the candlestick shows selling at higher levels. The bears are trying to pull the price back below $0.07 on Oct. 27. If they succeed, the DOGE/USDT pair could slide to the 20-day EMA ($0.06).
On the contrary, if the price turns up from $0.07, it will suggest that the sentiment has turned positive and every minor dip is being purchased. That could propel the price to $0.08.
That may have attracted selling by the bears who have dragged the price back below the moving averages on Oct. 27. The TON/USDT pair may slide to the crucial support at $1.89. Such a move will suggest that the pair may consolidate between $1.89 and $2.31 for a few days.
Contrary to this assumption, if the price turns up sharply from the current level, it will indicate that the bulls are buying on minor dips. That will improve the prospects of a break above $2.31. The pair may then surge to $2.59.
Chainlink price analysis
Chainlink (LINK) has been facing selling near the $11.50 mark as seen from the long wick on the candlesticks of the past few days.
A minor positive is that the bulls have not given up much ground. This suggests that the buyers are in no hurry to book profits as they anticipate the uptrend to continue. Sometimes, when an asset breaks out from a long consolidation, it may remain in the overbought zone for an extended period. That is a possibility with the LINK/USDT pair.
The important support to watch on the downside is $9.50 and then the 20-day EMA ($8.97). Buyers are expected to defend this zone with vigor.
Polygon price analysis
Polygon (MATIC) broke above the $0.60 resistance on Oct. 22 but the bulls are struggling to maintain the up-move. This suggests hesitation to continue buying at higher levels.
The important level to watch on the downside is $0.60. If the price rebounds off this level with strength, it will signal that the bulls have flipped $0.60 into support. That will increase the likelihood of a break above $0.67. The MATIC/USDT pair may then soar to $0.77.
Meanwhile, the bears are likely to have other plans. They will try to sink the price back below the breakout level of $0.60. If they do that, several aggressive bulls may get trapped and the pair may plummet to the 20-day EMA ($0.57).
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Clear holographic imaging in turbulent environments
Holographic imaging has always been challenged by unpredictable distortions in dynamic environments. Traditional deep learning methods often struggle to…
Holographic imaging has always been challenged by unpredictable distortions in dynamic environments. Traditional deep learning methods often struggle to adapt to diverse scenes due to their reliance on specific data conditions.
Credit: X. Tong et al., doi 10.1117/1.AP.5.6.066003.
Holographic imaging has always been challenged by unpredictable distortions in dynamic environments. Traditional deep learning methods often struggle to adapt to diverse scenes due to their reliance on specific data conditions.
To tackle this problem, researchers at Zhejiang University delved into the intersection of optics and deep learning, uncovering the key role of physical priors in ensuring the alignment of data and pre-trained models. They explored the impact of spatial coherence and turbulence on holographic imaging and proposed an innovative method, TWC-Swin, to restore high-quality holographic images in the presence of these disturbances. Their research is reported in the Gold Open Access journal Advanced Photonics.
Spatial coherence is a measure of how orderly light waves behave. When light waves are chaotic, holographic images become blurry and noisy, as they carry less information. Maintaining spatial coherence is crucial for clear holographic imaging.
Dynamic environments, like those with oceanic or atmospheric turbulence, introduce variations in the refractive index of the medium. This disrupts the phase correlation of light waves and distorts spatial coherence. Consequently, the holographic image may become blurred, distorted, or even lost.
The researchers at Zhejiang University developed the TWC-Swin method to address these challenges. TWC-Swin, short for “train-with-coherence swin transformer,” leverages spatial coherence as a physical prior to guide the training of a deep neural network. This network, based on the Swin transformer architecture, excels at capturing both local and global image features.
To test their method, the authors designed a light processing system that produced holographic images with varying spatial coherence and turbulence conditions. These holograms were based on natural objects, serving as training and testing data for the neural network. The results demonstrate that TWC-Swin effectively restores holographic images even under low spatial coherence and arbitrary turbulence, surpassing traditional convolutional network-based methods. Furthermore, the method reportedly exhibits strong generalization capabilities, extending its application to unseen scenes not included in the training data.
This research breaks new ground in addressing image degradation in holographic imaging across diverse scenes. By integrating physical principles into deep learning, the study sheds light on a successful synergy between optics and computer science. As the future unfolds, this work paves the way for enhanced holographic imaging, empowering us to see clearly through the turbulence.
For details, read the original article by X. Tong et al., “Harnessing the magic of light: spatial coherence instructed swin transformer for universal holographic imaging,” Adv. Photon. 5(6) 056003 (2023), doi 10.1117/1.AP.5.6.066003.
Journal
Advanced Photonics
DOI
10.1117/1.AP.5.6.066003
Article Title
Harnessing the magic of light: spatial coherence instructed swin transformer for universal holographic imaging
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