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Singapore Airlines | Hold
Target price: S$10.40
Sept 18 close: S$9.50

UOB Kay Hian, Sept 18

We lower our fiscal 2019 net profit forecast by 12.3 per cent as we factor in an additional S$91 million in losses from 20 per cent-owned Virgin Australia (VAH), which declared an exceptional loss of S$632 million in FY18. SIA should recognise about S$137 million loss from VAH in Q2 FY19.

We also expect a weak second quarter next year due to a 42 per cent year-on-year increase in jet fuel costs. Barring a high-single-digit...

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