SIA: UBS note that no surprises from low-cost proposal, Scoot. Scoot will start flying to Australia and China in mid-2012 with four Boeing 777-200s acquired from SIA.
Initial capital commitment of S$283m appears manageable and remain positive on SIA’s long-term success. Near-term concerns are potential slowdown in passenger volume and yield in a weaker macro environment. House maintain Neutral, TP $11.00.
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