Singapore Stock Market News
Tiger Airways - A positive quarter, but...
StockFanatic
Publish date: Fri, 25 Jan 2013, 01:10 PM
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Tiger's first profit in 18 months was boosted by an unexpectedly strong
showing from Tiger Singapore. Improving operating momentum and
a seasonally strong quarter narrowed Tiger Australia's losses.
However, huge associate losses marred an otherwise positive quarter.
3QFY13 profits exceeded expectations;
9MFY13 losses formed 100% of our
FY13 estimate. The beat would have
been stronger if not for associate
losses, which should continue, given
intrinsic and macro headwinds.
However, we expect losses in a
seasonally weaker 4Q and raise our
FY13 loss estimates. We also cut
FY14-15 core estimates, which lower
our SOP-based target price by 11% to
S$0.74. Maintain Neutral.
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