SIA

Credit Suisse raises SIA target price to $18.20 from $17.50 after increasing FY11-12 earnings estimates by 3%-4% to reflect higher cargo yields; citing air freight market has been robust and Taiwanese airlines have reported good QoQ yield improvement in 2Q10 and believes SIA should benefit from the same trend. But notes room for yield to moderate if demand from Europe slows. Keeps Outperform call.