SIA

SIA: Feb Overall Load Factor 66.9% vs 71.4%, Cargo Load Factor 61.8% Vs 65.6%, and Passenger Load Factor 75.1% Vs 79.9%, YoY.

- DMG downgrades to Neutral from Buy, with $14.00 TP from 17.20, citing discouraging load factor in the wake of the devastating earthquake in Japan and the on-going tension in the Middle East, shaving off house FY11-12 earnings forecasts by 4.8%-17.5% upon revisiting key assumptions.

- CS maintains O/P, with $18.50 TP, expect to see some demand moderation in Mar on impact from Japan earthquake. Add that stock is attractive given the high projected RoAEs, and currently trades at 1.1x forward P/B, a significant discount. from its 1.5x historical average. Its forward EV/EBITDAR of 3.9x is also at a 43% discount from its historical average.

- RBS reiterate Hold with $16.20 TP, note that Co. still waiting for brighter skies, and stock has been severely affected by external factors such as the earthquake in Japan as well as the fluctuation in fuel prices, find little near-term support for the stock or the sector