Singapore Stock Market News
Singapore Airlines - Some summer relief
StockFanatic
Publish date: Tue, 17 Sep 2013, 10:51 AM
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SIA's mainline load factors were helped by strong leisure travel and a
shift in the Hari Raya period. On the other hand, SilkAir's constant
capacity addition is forcing loads lower, while cargo traffic also
continues to see little improvement.
We leave our target price and
estimates unchanged and maintain
our Neutral rating. We base our CY14
target price of S$10.50 on a trough
multiple of 4.2x CY14 EV/EBITDAR
to reflect the long-term de-rating that
we believe SIA is undergoing due to
competition from Middle East airlines
and LCCs (low-cost carriers).
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