Singapore Airlines (SIA) - Prospects Brighten With Vtl Schemes
- Singapore Airlines (SIA, SGX:C6L)'s 2QFY3/22 core net loss of S$399m was in-line but we widen our FY22F loss forecast on slower-than-expected capacity restoration and higher fuel costs.
- Reiterate HOLD rating on SIA as the stock has reflected most of the upside from borders reopening, in our view, and we now turn our attention to downside risks.
- Our target price for SIA is raised slightly to S$5.81, rolling forward to end-FY23F, still based on P/BV of 1.06x, 1 standard deviation above mean, against our adjusted BVPS.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
Raymond YAP CFA CGS-CIMB Research | https://www.cgs-cimb.com 2021-11-12 2021-11-12
Read also CGS-CIMB's most recent report:
2023-01-16 Singapore Airlines (SIA) - Time To Pocket Share Price Gains.
Previous report by CGS-CIMB:
2022-12-06 Singapore Airlines - Merger Of Vistara & Air India ~ Better Than Standing Alone.