Between January and August this year, there were a total of about 2.96 million visitors, a y-o-y increase of 1,833% as compared to the same period in 2021. In August alone, Singapore welcomed approximately 729,000 visitors. However, this sentiment may be slowing down as visitor growth only saw a slight increase of 2,000 visitors from July to August.
Thanks to the post-Covid boom in the tourism sector, KGI Research is keeping its “buy” call on Singapore Airlines (SIA) with a target price of $5.50. KGI also has an entry price of $5.28 and a stop loss price of $5.17. It has also noted that Bloomberg consensus average 12-month target price is $5.86 for SIA.
According to statistics by the Singapore Tourism Board (STB), there has been an exponential increase in visitor arrivals this year. This increase was thanks to the reopening of Singapore’s borders to vaccinated travellers without quarantine in April.
