Singapore Stock Market News
Tiger Airways - A challenging battle ahead
StockFanatic
Publish date: Tue, 23 Jul 2013, 09:26 PM
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Tigerair's 1Q was poorer than expected, registering a core net loss of
S$17m against our full-year profit forecast of S$15m, on unexpectedly
large losses in Australia and at its Indonesian and Philippine
associates as well as a surprising fall in Singapore passenger yields.
As a result, we downgrade our FY14
forecast to a loss and also reduce
estimates for future years. We cut our
target price as we change the basis of
our valuation from 11x CY14 P/E
(sector average) to 1x P/BV as the
EPS cuts render the former method
less usable. We downgrade to
Underperform from Neutral, with
de-rating catalysts from continued
losses in Australia, Indonesia and the
Philippines.
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