FY3/21 core net loss was 19% wider than our forecast as we overestimated fuel derivative gains for 4QFY21 but was 40% narrower than consensus. We upgrade from Hold to Add as SIA’s share price decline opens up a new opportunity to accumulate for the likely reopening of borders during CY22F. Our TP is lowered to S$5.64 on a lower FY22F BVPS estimate, still based on a P/BV multiple of 1.06x (+1 s.d. above mean since 2011).
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