Tuesday, July 31, 2012
Tiger Airways: Citi maintains Sell with $0.46 TP. House note that weak competitive position outside SG may more than offset the recovering profitability of its SG operations. Expect Australia to remain unprofitable as the doubling of capacity in 2HFY13 may outpace demand build-up. Indonesia and Philippines operations lack scale and may require further equity injection, burdening Tiger's weak balance sheet.