Tellimer

SG : Singapore Airlines - Good price to buy for the eventual recovery

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).


Most Viewed See latest
Disclosures

This publication is being distributed by Tellimer solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not con...

Full Tellimer disclaimers