Singapore Airlines (SIA) - CGS-CIMB Research 2021-12-01: Upgrade To ADD After Omicron Sell-Off

Singapore Airlines (SIA) - Upgrade To ADD After Omicron Sell-Off

  • 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 @

Raymond YAP CFA CGS-CIMB Research | 2021-12-01

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

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