SIA

SIA: CS maintains Neutral but slashes from TP$14.40 to $12.0 on weaker cargo yield assumptions and higher-than-expected fuel hedging price of US$130/bbl vs prev US$120. While SIA still has a relatively high mkt share, its mkt share has fallen by 11% from Jul 2006 till Jul 2011. Competition is expected to heat up for SIA from incumbents and LCCs