Singapore Airlines (SIA) - Upgrade To ADD After Omicron Sell-Off
SINGAPORE AIRLINES LTD (SGX:C6L)
- Upgrade SIA (SGX:C6L) from HOLD to ADD, as SIA's share price has fallen 8% since last Friday when news of the Omicron variant broke (-13% from mid-Oct high of S$5.55).
- Our target price for SIA is tweaked higher to S$5.86 after raising FY23-24F earings per share forecasts, still based on P/BV of 1.06x (+1 standard deviation), against our adjusted FY23F BVPS.
- Re-rating catalysts include the rapid expansion of VTL schemes and strong year-end airfreight markets, which should see SIA deliver a strong 3QFY22F.
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 2021-12-01
SGX Stock
Analyst Report
5.86
UP
5.810
Previous report by CGS-CIMB:
2021-11-12 Singapore Airlines (SIA) - Prospects Brighten With VTL Schemes
Relevant links:
SIA Analyst Report,
SIA Target Price,
SIA Share Price History,
SIA Announcements,
SIA Dividends/ Corp Actions,
SIA News Articles