Singapore Stock Market News
SIA Group - Tiger trap
StockFanatic
Publish date: Sat, 25 Oct 2014, 05:35 PM
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■ As Tiger cut its bases in the Philippines, Indonesia and Australia, it has become a LCC based only in a small and competitive Singapore, sharing the market with SIA, Silkair and Scoot. A turnaround of its business remains tough, in our view.
■ Despite the SIA-Tiger consolidation (as we expected), we do not expect a Tiger-Scoot brand merger to happen nor for SIA Group's pan-Asia LCC ambitions to bear fruit. We are concerned about SIA's long-term strategy.
■ We cut our earnings forecasts on both Tiger and SIA due to Tiger's larger-than-expected losses in 2QFY15 and worse-than-expected outlook. We downgrade Tiger to Underperform with a new price target of SGD 0.23, based on an unchanged multiple of 2x FY15E PBR. We cut SIA's price target to SGD 8.90, based on a lower multiple of 0.8x FY15E PBR, given its strategy muddle.
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