Tiger Air: Morgan Stanley rates at Overweight, says accumulate up to $1.88, with upside to $2.23 on a 2-yr invmt horizon based on 15x FYMar12 P/E. Believes the recent price correction on concerns of sell-downs by its strategic sh/h and a “show-cause” letter by the Australian Civil Aviation Safety Authority has created an opportunity to buy. Expects Tiger to play catch up with Air Asia, which has outperformed Tiger by over 100% since May ‘10...
Sees catalyst in Thai Tiger JV, Tiger’s 3rd airline cub. Expects more clarity on the JV status post Thailand’s general election widely believed to be scheduled for Jun ’11.
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