SIA: UOBK maintains Buy with $18.20 target. Notes SIA currently has the lowest valuation among airlines under coverage. Views positively that Singapore has signed or expanded air services agreements (ASA) with 9 countries ytd, with Mauritius being the latest addition. Tips SIA to commence flights to Mauritius in due course, given country’s status as a premium holiday destination...
Expects such as move to be yield accretive, given Air Mauritius’ S14.1cts pax yield on the Mauritius route, vs SIA’s 1QFY11 pax yield of S11.4cts.
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