Shares of Tiger Airways Holdings Ltd rose as much
as 2.7 percent after the Singapore budget carrier reported a
third-quarter net profit of S$2 million ($1.6 million), the
first time in seven quarters it made money.
Within 15 minutes of trading, Tiger shares advanced to as
high as S$0.77 with nearly 2 million shares traded, more than
half the average full-day volume over the past 30 days.
"We view this set of results favourably as revenue growth
met our expectations, and Tiger's first net profit validates our
turnaround view for the second half of 2013," OCBC Investment
Research said in a report.
OCBC raised its target price on the stock to S$0.86 from
S$0.81 and maintained its 'buy' rating.
After taking charge in August, new Group Chief Executive
Koay Peng Yen struck a deal to sell a stake in its loss-making
Australian unit and entered into other partnerships, but faces a
big challenge in a fiercely competitive Southeast Asian market.