Tiger Airways

Tiger Airways: Carried total of 556k passengers in Aug.. For Sg ops in Aug, Tiger grew 11% yoy with traffic up 19% outpacing growth in capacity of 12%. This led to load factor increasing by 5% pts to 83%. Tiger Sg carried 4m passengers in the 12 mths to Aug, an increase of 20% yoy Tiger Australia carried 203k passengers in Aug almost back to the pre-suspension lvl in June 2011. Load factor in Aus was 87%, 3% points higher than in July. More flights will be progressively introduced to bring services back to pre-suspension lvls. Co is trading at approx 2.6x P/B but has turned a loss for the past 4 quarters.