SINGAPORE (Dec 16): UOB Kay Hian has raised its target on Singapore Airlines to $12.00 from $11.00, though it still has a hold view on the carrier as it continues to improve its passenger load factors and expects to benefit from lower fuel prices.

Singapore Airlines reports a fifth consecutive month of improvement in passenger load factor, or the portion of its planes filled, to 78.8% in November, compared with 75.7% in the same month of last year.

UOB Kay Hian says its previous estimates had factored a 0.2 percentage point decline in passenger load factors, though the measure has improved by 0.8 percentage points so far this year.

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