SIA

SIA: Morgan Stanley maintains Overweight rating, says stock has potential to trade up to $19 over next 12-mth, $21 on a 2-yr horizon. Expects premium travel to drive earnings recovery with premium yield as the key revenue driver. Tips SIA as the highest quality carrier to own for airline exposure as a mid-cycle earnings play. Sees stock attractively valued on 4.3x FYMar11E EV/EBITDA (vs historical trading range of 5-9x).