Tiger downgraded to 'underperform' with lower 23 cents target price

Stock Name: Tigerair
Company Name: TIGER AIRWAYS HOLDINGS LIMITED

Research House: StanChart

Price Call: SELL

Target Price: 0.23

SINGAPORE (Oct 20): Standard Chartered's equity research has downgraded Tiger Airways Holdings to "underperform" from "in line".

It has also cut its target price to 23 cents from 41 cents.

As Tiger Air cut its bases in the Philippines, Indonesia and Australia, it has become a LCC based only in small and competitive Singapore, sharing the market with SIA, Silkair and Scoot, says Stanchart in an Oct 17 report.

This means a turnaround of its business remains tough.

Tiger Air posted an operating loss of $25.3 million in 2QFY15.