SIA

Daiwa downgrades SIA to Hold from Outperform, noting that market has already factored in traffic improvements and yield recovery as well as lack of strong share price catalysts over the near term. Cuts target price to $13.84 from $15.55 based on 1.1X P/B vs 1.2X previously but does not expect significant share price downside from current levels as valuation not demanding. Stack trapped between 200-day MA at $14.30 and support at $14.00.