SIA kept on ‘hold’ by Maybank with lower $11.50 target price

SINGAPORE (May 18): Maybank Kim Eng has kept its “hold” recommendation on Singapore Airlines, but lowered its fair value estimate to $11.50 from $11.80 previously as FY16 fell below expectations.

SIA is “always on the back foot”, said Maybank analyst Mohshin Aziz in a Monday report.

Revenue fell 2.2% to $15.23 billion in FY16, largely due to lower passenger revenue at the parent airline company, as well as lower cargo revenue.

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