Tiger Air: reported strong operating stats for month of July. Number of passengers carried in July surged 42% yoy to 523k, driven by increase in load factors to 89% from 85% yoy. In our view, such high load factors are exceptional even for budget carriers, and underscores Tiger’s competitive advantage in this space. Tiger’s improving performance has been consistent - over the 12 mth period to July, number of passengers grew 51% to 5.4m, while load factors jumped 5ppts to 86%...
Mgt remains optimistic about outlook, and sees especially strong demand for China routes. Further growth to come from new routes (eg. Taipei, Trichy, Trivandrum) and higher frequencies on existing high demand routes (eg. HK, India, Indon, Msia). Other catalysts include capacity boost when new services commence from Avalon Airport (Australia) in November, and further developments regarding its third cub Thai Tiger Airways.
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