Company Name: TIGER AIRWAYS HOLDINGS LIMITED
| Research House: OCBC | Price Call: HOLD | Target Price: 0.67 |
OCBC Investment Research upgraded Tiger Airways Holdings to hold from sell and raised its price target to $0.67 from $0.60 on Tuesday, citing the budget carrier’s improving operations and joint venture plans.
Tiger shares were up 0.8% at $0.645, bringing their gains to 1.6% so far this year. The FT ST Small Cap Index was up 0.6%.
Tiger is on track to begin operations in Sydney as its second base from July this year, OCBC said, adding that the carrier will then be able to ramp up its operations to 64 sectors per day and optimise the utilisation of its 10 aircraft.
OCBC also said Tiger’s strategy of forming regional joint ventures, which can absorb some aircraft deliveries, is taking shape. But OCBC warned that execution risks are still a concern.
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