DBS Group Research analysts Paul Yong and Jason Sum have downgraded Singapore Airlines (SIA) to “fully valued” from “hold” with the same target price of $3.60 as they feel a recovery will take time.

The analysts believe that international air travel could start to recover more meaningfully only from 2H2021.

“With many governments planning for a rollout of COVID-19 vaccines in 1H21, we could see international travel beginning to rebound from 2H21, starting from developed markets, assuming the pandemic is under control by then,” they write in a report dated Dec 14.

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