Singapore Airlines Set to Remain Under Pressure -- Market Talk

Dow Jones03-06

0812 GMT - Singapore Airlines' stock will likely remain under pressure, with staff costs set to increase in 4Q due to bonuses and cargo expected to be seasonally low, Citi analyst Kaseedit Choonnawat writes in a research note. The carrier's guidance of potentially higher costs, excluding fuel, and low cargo pricing were disappointing, he says, but passenger numbers in the summer should still benefit from the Paris Olympics. He adds that another key upside would be the planned merger of Tata Group-owned Air India and Vistara, a Tata-SIA joint venture, saying that the combined entity could turn profitable. Citi downgrades the stock to neutral from buy and lowers its target price to S$6.63 from S$7.72. Shares rise 2.4% to S$6.51. (kimberley.kao@wsj.com)

(END) Dow Jones Newswires

March 06, 2024 03:13 ET (08:13 GMT)

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He adds that another key upside would be the planned merger of Tata Group-owned Air India and Vistara, a Tata-SIA joint venture, saying that the combined entity could turn profitable. Citi downgrades the stock to neutral from buy and lowers its target price to S$6.63 from S$7.72. Shares rise 2.4% to S$6.51. 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