KUALA LUMPUR, Oct 18 — CGS-CIMB Securities Sdn Bhd has downgraded its calls for Malaysia Airports Holdings Bhd , Singapore Airlines and Singapore Airport Terminal Services Limited to “hold” from “add”, saying that their valuations are no longer attractive.
“Investors’ optimism at the nascent resumption of domestic and international air travel has lifted share prices to levels we no longer consider attractive. CGS-CIMB broadly forecast that international pax traffic for Malaysia and Singapore aviation players would recover to between 40 per cent and 50 per cent of 2019’s pre-pandemic levels in 2022, and to between 70 per cent and 80 per cent in 2023.
In Southeast Asia, vaccination rates in Vietnam, the Philippines and Indonesia remain below 50 per cent of their respective populations, which might delay the full reopening of their aviation markets to sometime in 2022 forecast, said CGS-CIMB.
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