Tiger

Tiger: Houses starting to see a recovery in fortunes for the LCC, after grp reported stronger growth in passenger numbers and sounded a positive note abt its Aus operations. In Aug Stats, the grp carried 556k passengers, +62% yoy, while passenger load factor grew 7 ppt to 84%. Tiger Aus carried 203k passengers, almost back to the level before services there were temporaily suspended last yr. In addition, flights in Aus will be progressively added to bring the number of servicves back to pre-suspension levels by nxt mth. DBSV continues to believe that the career will move steadily towards profitability and expect the grp as a whole to be profitable by 4Q12.