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DBS slashes SIA’s TP, says strengthened balance sheet could help 'weather the storm'

Felicia Tan
Felicia Tan7/30/2020 02:33 PM GMT+08  • 2 min read
DBS slashes SIA’s TP, says strengthened balance sheet could help 'weather the storm'
DBS Group Research analyst Paul Yong has maintained his “hold” call on Singapore Airlines (SIA) with a significantly reduced target price of $3.75 from $6.60 previously.
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DBS Group Research analyst Paul Yong has maintained his “hold” call on Singapore Airlines (SIA) with a significantly reduced target price of $3.75 from $6.60 previously.

Yong says the new target price is based on a 0.8x P/B against a projected return on equity (ROE) of 2.7% for FY22F.

“Our book value per share calculations assume the MCBs are debt rather than equity as we see SIA redeeming the MCBs within 10 years,” he says in a July 29 report.

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