Tiger Air

Tiger Air: Nov operating stats. The Group carried 628k passengers, +56% yoy. Load factor rose 8ppt to 85%, as revenue passenger km (RPK) rose at a faster 47%, vs available seat km (ASK) at 32%. The main growth came from Tiger Australia, with passengers booked at 239k, +132% yoy. Load factor however fell 2ppt ot 86%, as RPK grew slightly slower at 110% vs ASK at 113%. Tiger SG recorded decent growth as well, with passengers booked at 389k, +30% yoy. Load factor jumped 10 ppt to 85%, as RPK grew 33% vs ASK growth of 17%. Tiger is still loss making on a trailing 12mth basis. The stock trades at 2.7x P/B, vs peers AirAsia at 1.4x P/B and Cebu Air at 1.8x P/B.