Tiger

Tiger: -2.4% to $1.205, though in muted volume, after its statement Thur saying Aus's Civil Aviation Safety Authority has issued a set of formal conditions, which it must comply with before being cleared to fly. Tiger says it's confident that it can comply with these conditions and expects to resume services in the near future, though it will refund passengers booked to fly between Aug 1-Aug 4.

UOB KayHian, which has Hold rating under review with $0.97 TP note that essentially, this means that there will be a delay in resuming operations. The stock has risen by 23% from its recent low on speculation of greater involvement by SIA. While that could be the case in the future, we see no immediate catalyst for now, add that Tiger will be releasing results on August 4, and while results would be backward looking, it will provide a reality check for the stock. The house advises caution on the stock at current levels.