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Tiger Airways - RHB Securities 2015-09-22: Singapore’s CCS approves strategic alliance with Cebu Pacific

TIGER AIRWAYS HOLDINGS LIMITED Tigerair J7X.SI 

Tiger Airways - Singapore’s CCS approves strategic alliance with Cebu Pacific 

  • Competition Commission of Singapore (CCS) has approved Tigerair’s strategic alliance agreement with Cebu Pacific following a thorough review. The two airlines have an existing interline cooperation. The CCS approval will now enable them to build closer coordination on sales and schedules on relevant routes and provide customers with more flight options. e.g. Cebu Pacific’s passengers from the Philippines could now enjoy seamless connections with Tigerair’s network in South East Asia and India and vice versa. 
  • The announcement supports our view of gradual improvement in Tigerair’s load factor and revenue yields over the next 2-3 years. 
  • We remain positive on Singapore-based budget carrier’s financial turnaround this year and estimate the airline to report a profit of SGD22m compared to loss of SGD264m last year. 
  • We maintain BUY rating with SGD0.32 TP.


Shekhar Jaiswal RHB Securities | http://www.rhbgroub.com/ 2015-09-22
UOB Kay Hian Analyst Report BUY Maintain BUY 0.32 Same 0.32


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