SIA: UBS: maintains Buy, but reduces TP to $16.00 from $17.90. Note that Co. earnings missed expectorations with weaker load guidance having triggered street downgrades. Add that shock from Jap is temporary and not unexpected, while US operations underperformed peers due to weaker route mix and source mkts…..
House is more concerned about challenges in Europe, which appears structural, with SIA losing mkt share in EU to Emirates. Lowers FY12/FY13 EPS estimates from $1.23/1.22 to $0.84/1.03. SIA however still has a strong balance sheet, stable returns and div payout.
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