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    C6L   SG1V61937297

SINGAPORE AIRLINES LIMITED

(C6L)
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Singapore Airlines : Stocks fall as Singapore re-imposes COVID-19 curbs

05/14/2021 | 02:14am EDT

* Social gatherings limited to 2 people

* Dining-in at restaurants halted

* Straits Times index falls most in 11 months

* Singapore domestic cases low in recent months

SINGAPORE, May 14 (Reuters) - Singapore announced on Friday its strictest curbs on gatherings and public activities since a coronavirus lockdown last year, amid a rise in locally acquired infections and with new clusters forming in recent weeks.

The measures, which will be in force from Sunday to mid-June, include limiting social gatherings to two people, a halt on dining in at restaurants and for employers to make working from home a default arrangement for staff.

Malls and cinemas will be allowed to operate but at reduced capacity.

Singapore's Straits Times index closed down 2.2% on Friday, its sharpest daily fall in 11 months, with drops led by firms exposed to retail and travel. Singapore Airlines fell 5.7%, the sharpest drop in a year.

The Singapore dollar fell slightly.

The Asian trade and financial hub of 5.7 million people had until recently been reporting almost zero or single-digit daily infections locally for months.

On Friday, it confirmed 24 locally transmitted infections for the second consecutive day, the highest daily number since September, driven partly by a cluster at its international airport.

"This is clearly a setback in our fight against COVID-19, " said Lawrence Wong, co-chair of Singapore's coronavirus taskforce.

Despite reassurances from authorities of adequate supplies, long queues were seen forming up at some supermarkets on Friday following the announcement, with shoppers filling trolleys with food items and necessities. Staff were busy restocking shelves.

Transport Minister Ong Ye Kung said the outbreak would "very likely" delay a planned travel bubble with Hong Kong.

Singapore posted its worst recession last year due to pandemic and is now charting an uneven recovery.

The return of restrictions come as the city-state was gearing up to reopen to visitors and businesses and host international events, including next month's annual defence and security meeting, the Shangri-La Dialogue, and the World Economic Forum's summit in August.

"Quick reopening hopes have been dashed, especially for the travel and leisure sectors," said Bank of Singapore analyst Moh Siong Sim. "Manufacturing should hold up as has been the case over the past year." (Reporting by Chen Lin and Tom Westbrook; Editing by Ed Davies, Martin Petty and Raissa Kasolowsky)


ę Reuters 2021
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Financials
Sales 2022 7 544 M 5 595 M 5 595 M
Net income 2022 -1 055 M -782 M -782 M
Net Debt 2022 9 779 M 7 254 M 7 254 M
P/E ratio 2022 -14,4x
Yield 2022 -
Capitalization 14 836 M 10 971 M 11 004 M
EV / Sales 2022 3,26x
EV / Sales 2023 2,04x
Nbr of Employees 22 934
Free-Float 99,3%
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Mean consensus HOLD
Number of Analysts 14
Last Close Price 5,00 SGD
Average target price 4,54 SGD
Spread / Average Target -9,25%
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Managers and Directors
Choon Phong Goh CEO & Non-Independent Executive Director
Kai Ping Tan Chief Financial Officer
Lim Huat Seah Independent Non-Executive Chairman
Wei Jun Wang Senior Vice President-Information Technology
Hwa Peng Lau Senior Vice President-Engineering
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