Tiger Air: has appointed Andrew David as CEO of Tiger Australia wef 17 Oct 2011. He replaces Tony Davis who will be leaving on 1 Nov 2011. Andrew was previously COO at Virgin Blue from Feb ’05-Nov ’10.
Separately, Tiger reports weak Aug pax data, as expected. Tiger carried 344k passengers, -4% mom, -22% yoy, as although Tiger Australia resumed domestic services on 12 Aug, flight operations are still in the process of ramping up. Load factors fell to 76%, vs 86% mom and yoy, due to the short lead time to market the resumed capacity in Australia, as well lower demand during the Ramadan period. Nevertheless, mgt notes load factors have improved during the course of the month. Eyes will now be on how quickly Tiger can rebuild its lost customer base.
Stock trades at 26.3x P/E, 3x P/B, vs larger peer AirAsia’s 10.3x P/E, 2.45x P/B.
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