No more VTL caps; no more quarantine
? Singapore announced a major transition to the endemic stage by essentially
opening up VTLs to the whole world and for all flights from 1 Apr 2022F.
? Reiterate Add with an unchanged TP of S$5.88, still based on FY23F P/BV of
1.06x (+1 s.d. from the mean since 2011) on our adjusted BVPS.