DBS Group Research has downgraded Singapore Airlines (SIA) to “fully valued” with a target price of $3.60 that’s based on 0.9 times FY2022 price-to-book (P/BV).

The target price represents -1 standard deviation (s.d.) of the stock’s five year mean P/BV. The price also takes into consideration that the mandatory convertible bonds (MCBs) from the airline are debt instead of equity as the brokerage sees SIA redeeming the MCBs within 10 years.

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