SIA: Pax load factors improved across parent SIA and all subsidiaries in December, which is positive. UOB Kay Hian is encouraged by SIA’s and Scoot’s sustained high loads which, along with lower fuel costs, should lead to higher profitability for 3QFY16.
Going forward, house believes that the sharp decline in fuel costs, combined with Scoot’s improved operational performance, should drive FY17’s earnings growth. Maintain BUY. TP $14.00.
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