Equity Analysis /
Singapore

SG : Singapore Airlines - No more VTL caps; no more quarantine

    Raymond Yap
    Raymond Yap

    Head of Regional Transport

    CGS-CIMB
    26 March 2022
    Published by

    Singapore announced a major transition to the endemic stage by essentially opening up VTLs to the whole world and for all flights from 1 Apr 2022F. Reiterate Add with an unchanged TP of S$5.88, still based on FY23F P/BV of 1.06x (+1 s.d. from the mean since 2011) on our adjusted BVPS.