SIA may falter as latest operating data showed softer growth in Aug; passenger load factor at 78.1% vs 82.4% in Jul with number of passengers carried down 6.6%. Cargo load factor also lower at 62.5% vs 64.0%, bringing last month's overall load factor to 68.1% vs 70.8% in Jul. Aug is seasonally weaker than Jul, which falls within Spore school holidays but SIA's passenger traffic month-on-month drop was worse than the typical 1-3% decline seen over 2004-2007.
Still, Credit Suisse maintains Outperform call with $18.50 target. Technical exhibiting some short term weakness with support tipped at 20-day moving average of $15.65.
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