Tiger Airways

Tiger Airways: Citi maintains Sell and lowers TP to $0.46 from $0.55. House cut estimates and lower TP to factor in a slower profit recovery due to: 1) Risk of continued losses in Australia upon ramp-up of capacity from Jun-Dec ‘12; 2) Ventures in Indonesia and the Philippines may struggle due to intense competition and overcapacity respectively; 3) While SG unit is expected to turn profitable, it may be insufficient to offset overseas losses; 4) Overall environment continues to be characterized by weak pricing power and high jet fuel costs.