International traffic was strong in May, supported by ongoing growth from Chinese passengers and additional frequencies from some Asian carriers. CIMB remains confident in the outlook but maintains a cautious view based on valuation.
The stock has had a strong run and the broker envisages limited upside in the near term. A Hold rating and $4.32 target are maintained.
Target price is $4.32.Current Price is $4.36. Difference: ($0.04) – (brackets indicate current price is over target). If SYD meets the CIMB Securities target it will return approximately -1% (excluding dividends, fees and charges – negative figures indicate an expected loss).