UOB Kay Hian analyst K Ajith has upgraded his call on Singapore Airlines (SIA) to “hold” from “sell” previously after the airline posted y-o-y narrower losses of $409 million for the 1QFY2022 ended June.

The airline, which also registered q-o-q narrower losses by 38% is deemed as a “key positive” to Ajith, but remains “in line with [his] expectations”.

“Adjusted book value per share, assuming full conversion of mandatory convertible bonds (MCB) and other convertible bonds, stood at $3.39, down from S$3.60 as at end FY2021,” he writes in an Aug 2 report.

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