SIA Engineering: Aviation sources highlighted that the award of the tender for the 3rd ground handling contract at Changi Airport could come within the next mth. Candidates in the running are Aircraft Service Intl Grp, SIA Eng and AirAsia. The winner will compete with incumbents SATS amd Emirates-controlled Changi Intl Airport Services at Changi, which handles 40m passengers and some 1.7m tons of cargo….
We note that at current price, grp’s valuations appears rich, trading at 17.5x FY11 E PE vs historical average of 13.97x and industry simple average of 14.2x. BNP Paribas has a Hold Rating on stock, with $4.69 TP, believe that earnings growth momentum has peaked and extent of further cost reduction limited, while also citing hefty valuations.
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