SIA Engineering: Goldman Sachs upgrade to Buy vs Neutral, lifts TP to $5.80 from $2.70 after changing valuation methodology to better reflect continued strong cash returns. Cite continued recovery in Singapore air traffic, potential win of heavy-maintenance contracts as catalysts, expecting Co. to benefit from Asia's burgeoning market for low-cost carriers, which bode well for providers of maintenance, repair & overhaul services…
In separate news, SIAE has entered into a JV agreement with Panasonic Avionics Corp (PAC), a company dealing in in-flight entertainment. The parties will set-up a Singapore facility (42.5% by SIE, 57.5% by PAC) to do MRO of in-flight entertainment and communication systems and components by PAC.
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