Monday, July 25, 2011


SIA: Citi maintains Sell with $13.90 TP. 1Q12 result due 28 July and houseforecast $160m, (-6% qoq, -37% yoy). Add that SIA has guided for a challenging near term operating performance (weighed upon by high jet fuel prices, flattish yields and soft
near term forward bookings). Despite the near term price support of a $0.80/share special dividend, which goes ex-div 2 Aug11).

RBS maintains Hold on stock with TP $15.50. House forecast normalised EPS of $0.15 vs 1QFY11 EPS of S$0.21. Think the results briefing on 31 Jul will see discussion of recent developments, such as SIA's long-haul low-cost subsidiary and its stake in Tiger.

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