Stock Name: SIA
Company Name: SINGAPORE AIRLINES LTD
OCBC Investment Research in a Jan 17 research report says: "The parent airline's passenger capacity (ASK) increased by 3.2% y-o-y while its passenger traffic (RPK) gained a smaller 1.8% y-o-y. As a result, it recorded a passenger load factor (PLF) of 79.6%, compared to 80.7% a year ago.
"SilkAir's RPK again gained a strong 7.6% y-o-y but it recorded an even faster ASK growth of 9.3% y-o-y. Thus, SilkAir's PLF also fell to 83.1%, lower than the 84.5% in Dec 2010. SIA Cargo's freight capacity (AFTK) grew 1.3% y-o-y and its freight traffic (FTK) edged ahead by 1.5% y-o-y. SIA Cargo's freight load factor (FLF) improved marginally to 63.6%, from 63.5% in December 2010.
"We maintain our fair value estimate of $10.85 per share, which has already factored in the challenging times the aviation sector is currently facing. MAINTAIN HOLD."
Company Name: SINGAPORE AIRLINES LTD
| Research House: OCBC | Price Call: HOLD | Target Price: 10.85 |
OCBC Investment Research in a Jan 17 research report says: "The parent airline's passenger capacity (ASK) increased by 3.2% y-o-y while its passenger traffic (RPK) gained a smaller 1.8% y-o-y. As a result, it recorded a passenger load factor (PLF) of 79.6%, compared to 80.7% a year ago.
"SilkAir's RPK again gained a strong 7.6% y-o-y but it recorded an even faster ASK growth of 9.3% y-o-y. Thus, SilkAir's PLF also fell to 83.1%, lower than the 84.5% in Dec 2010. SIA Cargo's freight capacity (AFTK) grew 1.3% y-o-y and its freight traffic (FTK) edged ahead by 1.5% y-o-y. SIA Cargo's freight load factor (FLF) improved marginally to 63.6%, from 63.5% in December 2010.
"We maintain our fair value estimate of $10.85 per share, which has already factored in the challenging times the aviation sector is currently facing. MAINTAIN HOLD."
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