, Singapore

Don't blame Tiger Singapore's fewer passenger count on its terminal shift

Still too early to make conclusions.

According to CIMB, Tiger Singapore moved from the Budget Terminal to Changi Airport Terminal 2 in Sep 12.

Here's more from CIMB:

Coincidentally, Tiger Singapore’s September passenger ferried and passenger load factor fell 8% mom and 4% pt mom respectively.

We were surprised as Sep should have been one of the strongest months in 2Q given the one-week September school holidays.

During the analyst briefing, management assured that the move to Terminal 2 has not impacted operations and demand in a significant manner.

Intuitively, one would attribute the mom fall in passengers ferried to higher passenger charges in the main terminal; we think that it might be too early to jump to this conclusion.

After all, passengers will have to pay the same amount of passenger handling charge for any other airlines in the main terminal. A few more months of operational data should provide relevant insights.

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