SIA

SIA: Deutsche has a Regional Airlines update. Says lower fuel prices have improved sentiment on the sector, but still advocates caution. Notes, for airlines, demand drivers are more impt than cost drivers. Recommends to continue to AVOID SIA and Cathay, bcs of pressure on yields and a moribund cargo business, which will continue to pressure consensus earnings downwards. SIA is -0.9% at $10.80, in line with the STI's -0.75%.