Singapore

ANALYSTS remain bearish on Singapore Airlines (SIA) after the national carrier delivered worse than expected losses in the March quarter and a dismal operating update for the month of April, while offering little earnings visibility for the year ahead.

In a note on Friday, Credit Suisse analysts Louis Chua and Shaun Tan maintained a "neutral" rating on SIA but cut their 12-month target price to S$3.35, pegged to 0.8 time its adjusted net asset value per share of S$4.19 for the year ending March 31, 2021.