Stock Name: TigerAir
Company Name: TIGER AIRWAYS HOLDINGS LIMITED
CIMB in a Sep 26 research report says: "As expected, Tiger announced last Friday that it has finalised an agreement to subscribe to 22.6 million shares in Mandala Airlines, for a 33% stake. We expect Tiger to park new aircraft delivered in Indonesia, lowering the probability of the deferment of its new fleet.
"Tiger should also be able expand its route portfolio and improve its fleet efficiency with a new Asian base. However, we maintain our underperform rating, earnings estimates and target price of 54 cents, still based on 8x CY12 EPS.
"Share price de-rating could include continuing operating losses in the coming quarters for Australia, potential start-up losses for Mandala, and the dilution impact from its recent rights issue. MAINTAIN UNDERPERFORM."
Company Name: TIGER AIRWAYS HOLDINGS LIMITED
| Research House: CIMB | Price Call: SELL | Target Price: 0.54 |
CIMB in a Sep 26 research report says: "As expected, Tiger announced last Friday that it has finalised an agreement to subscribe to 22.6 million shares in Mandala Airlines, for a 33% stake. We expect Tiger to park new aircraft delivered in Indonesia, lowering the probability of the deferment of its new fleet.
"Tiger should also be able expand its route portfolio and improve its fleet efficiency with a new Asian base. However, we maintain our underperform rating, earnings estimates and target price of 54 cents, still based on 8x CY12 EPS.
"Share price de-rating could include continuing operating losses in the coming quarters for Australia, potential start-up losses for Mandala, and the dilution impact from its recent rights issue. MAINTAIN UNDERPERFORM."
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