Embarking On The Recovery Journey
The recovery of the Singapore aviation sector is well on track. The consensus among
aviation experts indicates that the sector is likely to recover to the pre-COVID-19 level
towards end-24 (FY25 for Singapore-listed players). Among the three aviation plays
under our coverage, SIAEC (BUY, Target: S$2.80) is our top pick to ride the recovery,
followed by SATS (BUY, Target: S$4.65) and SIA (HOLD, Target: S$4.80). We maintain
MARKET WEIGHT on the Singapore aviation sector.