SIA

SIA: still underperforming the index on a rebound day, likely bitten by Tigerair woes. According to Credit Suisse, Tigerair has raised $700m from public markets since it went public, which compares with a market cap of $300m. Meanwhile, SIA has progressively increased its stake in Tigerair along the way, and will end up holding an estimated 60% of the airline. Not only has SIA's invmt lost money, but it has been forced to account for its share of losses - most recently a $182m 2QFY15 loss, of which $73m will hit SIA's numbers. Credit Suisse maintains Underperform on SIA with TP $9.45