Tiger Air: Phillip starts at Sell with $1.65 target. Says at 17X fwd P/E and 6X P/B, Tiger is one of the most expensive airlines stock. Warns of intense competition in the low-cost carrier market; notes Tiger's cost advantage in Spore over other LCCs no longer as strong after the recent price hike announced by the Changi Airport Group...
Tips jet fuel costs as the wild card as they make up most of Tiger's operating expenses; notes the key to Tiger’s profitability would be its ability to pass on the fuel costs to end-customers.
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