TigerAir: JPM stays Overweight on the counter as January load factors climbed on further disciplined cuts in capacity. The house believes the worst is nearly over for Tigerair as it, having disposed its loss-making associates and become a subsidiary of SIA, is now better able to rationalize capacity.
With limited operational downside now, Tigerair has to position itself as one of the stronger Asian LCCs. Fortunately, it is helped by competitor AirAsia’s recent run of bad luck
Tigerair is valued $0.41 at 8x adj. EV/EBITDAR, in line with sector peers.
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