Tiger Airways

Tiger Airways: strong operating performance for June. Tiger flew 5.3m passengers in the 12mths ending Jun ‘10 (+52% yoy), with 12mth load factor at 85% (vs 80% last yr). Tiger expects to increase its Singapore fleet from 10 to 14 aircraft by end 2010, driven by the recovery in Asia Pacific air travel and growing visitor arrivals to Singapore. We view this positively, as the fleet expansion should continue to drive Tiger's rapid top line growth, with increased scale significantly improving Tiger's future margins and profitability.