Singapore Airlines (SIA) - CGS-CIMB Research 2021-11-12: Prospects Brighten With VTL Schemes

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 @

Raymond YAP CFA CGS-CIMB Research | 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.

Price targets by 3 other brokers at SIA Target Prices.
Listing of research reports at SIA Analyst Reports.

Relevant links:
SIA Share Price History,
SIA Announcements,
SIA Dividends & Corporate Actions,
SIA News Articles

SGX Stock / REIT Search


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