SIA: Deutsche is cutting earnings forecast and TP
-Cutting earnings forecast of FY17 by 7.9% and FY18by 11.7%
-this accounts for lower than expected capacity increase and weaker yields
-competition from LCCs and Middle East airlines continue to rise
-jet fuel cost expected to increase going forward, eroding fuel savings
-Capex to grow 50% in FY19 from FY17, hence future dividends may not be as generous
-Deutsche maintains Hold, but cuts TP to $9.80 from $10.85
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