Singapore Stock Market News
Tiger Airways - Challenging outlook
StockFanatic
Publish date: Fri, 25 Oct 2013, 11:28 AM
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Tiger Airways's 2QFY14 was below expectations as its 1H core net loss
of S$52m exceeded our previous full-year loss forecast by 25%. This
was due to lower-than-forecast yields and load factors in Singapore as
capacity expansion was not well absorbed.
Associate losses were also larger than
expected. We slash our forecasts and
cut our target price, still based on 1x
P/BV. Tiger Airways will struggle to
make headway in the Philippines and
Indonesia as a late entrant and its
Australian operations are beset by
yield pressures. Its core Singapore
operations are also struggling with
overcapacity. Hence, we maintain
Underperform, with de-rating
catalysts from its poor results.
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