Stock Name: SIA
Company Name: SINGAPORE AIRLINES LTD
DMG & Partners Research in a May 17 research report says: "SIA released its operating stats for the first month of FY13. Revenue passenger km (RPK) grew +9.8% y-o-y (m-o-m: -1.4%). "SilkAir aggressively expanded its RPK at 26.2% y-o-y although demand in the freighter segment remained weak, with a recovery anticipated only by the 2H. We feel that the worst may just be over for SIA. Given its high net cash pile of $3.9 billion, the airline would be able to weather the headwinds moving forward. "Upside potential of 18% and dividend yield of 3.8% (based on a 70% payout). Fair value of $12.13, premised on 1x PB. We remain positive on SIA’s outlook on expectations that demand will rebound on an uptick in passenger yields, although the upside would be marginal. MAINTAIN BUY."
Company Name: SINGAPORE AIRLINES LTD
| Research House: DMG | Price Call: BUY | Target Price: 12.13 |
DMG & Partners Research in a May 17 research report says: "SIA released its operating stats for the first month of FY13. Revenue passenger km (RPK) grew +9.8% y-o-y (m-o-m: -1.4%). "SilkAir aggressively expanded its RPK at 26.2% y-o-y although demand in the freighter segment remained weak, with a recovery anticipated only by the 2H. We feel that the worst may just be over for SIA. Given its high net cash pile of $3.9 billion, the airline would be able to weather the headwinds moving forward. "Upside potential of 18% and dividend yield of 3.8% (based on a 70% payout). Fair value of $12.13, premised on 1x PB. We remain positive on SIA’s outlook on expectations that demand will rebound on an uptick in passenger yields, although the upside would be marginal. MAINTAIN BUY."
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