SIA

SIA: Total of 1.5m passengers carried last month, up 6.1% from a yr ago. Passenger load factor is up 1% pt to 80.6% from a year ago. Traffic rose 8% yoy in Sep, vs +9% in Aug, +8% YTD and 2% growth in Jan-Dec 2011. JP Morgan maintains Overweight with TP$13.00 at 0.9x FY13E P/BV with net cash approx 32% of market cap and 0.5% yield with potential upside from special DPS in May-13. SIA offers the lowest risk option to play the LT cyclical recovery among full service airlines.