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Aviation – Singapore Forward Capacity Growth Suggests Lacklustre Prospects For SATS And SIAEC

In Nov 16, pax throughput rose by only 3% yoy despite a 14% rise in Chinese pax throughput. Meanwhile, forward capacity until Jun 17 indicates just 4% growth - half of 1H16’s pax throughput growth. This could have negative implications for SATS and SIAEC. Maintain SELL on SIAEC and suggest investors top-slice their holdings on SATS and await better entry levels. Maintain MARKET WEIGHT.


 We analyse Changi Airport’s latest pax throughput, the competitive landscape and the impact on SIA, SATS and SIA Engineering.


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Sembcorp Industries: Well-positioned to grow

As a leading developer, owner and operator of energy and water assets with strong operational, management and technical capabilities, Sembcorp Industries has grown its operations to 14 countries and looks set to cement its presence in Asia. Though its marine segment is facing headwinds, the longer term outlook for the utilities segment remains positive, and the group is well-positioned to seize emerging market opportunities in its utilities segment. Nearer to home, we will monitor the liberalisation of the retail electricity market, though it is likely that greater impact would be felt by the top 3 gencos (which SCI is not part of). We have updated our SOTP valuation to incorporate our higher FV for the marine division, as well as tweaked our estimates for the utilities segment. As such, our FV for SCI rises to S$3.36. Maintain BUY.


mm2 Asia (MM2 SP) : BUY

New Group CEO appointed to boost management team

 New Group CEO Mr Chang Long Jong is a veteran in the media industry

 Mr Melvin Ang to focus on North Asia, a key growth area for mm2 Asia

 Reiterate BUY call with TP of S$0.56


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LionelLim8.16Check out our compilation of Target Prices

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