SIA

SIA: RBS reiterate Hold with $16.20 TP. Note that grp reported FY11 weaker than projected traffic numbers, while load factors across all route regions fell last mth. Expect SIA to report weak earnings for the Jan-Mar qtr, but see some support for SIA’s share price in the near term. Believe pace of fuel price increases has moderated, and SIA’s stock has risen 8% in the last month vs 5% rise in the STI index. Forecast div yield of 5.7-7.1%.