SATS’s recovery, which is largely dependent on the easing of air travel restrictions, will only be “meaningful” if green lanes allow discretionary travel, according to CGS-CIMB Research.

This is especially the case if discretionary travel is allowed from China and Indonesia, the brokerage says.

About 19% of the total visitors to Singapore in 2019 are from China, notes CGS-CIMB, citing 2019 data from the Singapore Tourism Board. Another 16% are from Indonesia.

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