HSBC says Singapore Airlines (C6L.SG) one of top picks among Asian conglomerates, transport stocks, as remains “positive on passenger driven airlines, hotels and conglomerates leveraged to Asian consumption.”

Rates SIA at Overweight with $19.00 target; “we forecast our Asian airline coverage will generate an aggregate 2010 recurring profit of US$6.8 billion ($8.9 billion), a sharp rebound from recurring losses in 2009. The earnings recovery has been driven by a strong pick-up in passenger and cargo demand which has boosted load factors and yields.”