Tigerair

Tigerair: 4QFY14 net loss worsened to $95.5m (1Q13: 15.4m), while revenue fell 32.7% to $161.9m. Revenue fell as Tigerair Australia ceased to be a subsidiary from 8 Jul’13, while operationally, declining yield and lower load factor also played a part. The Group also recorded a provision for onerous aircraft leases of $25m and associates losses aggregating $47.4m. Going forward, yield and load factors will remain under pressure given the overcapacity in the region. Tigerair is reviewing its investment in Tigerair Mandala, while Tigerair Taiwan (10% stake) is expected to take to the skies in 2014. Tigerair trades at 1.6x P/B