Tiger won’t have Thai blood

Thai-Tiger will no longer be set up as Thai Airways now has its budget carrier.

DMG Research noted:

Thai Airways has announced it will not be extending its MOU with Tiger Airways to set up Thai-Tiger, which is due to expire next month (Oct 2011). Thai's Chairman Ampon Kittiampon told reporters after a board meeting that as Thai now has Thai Smile, a budget carrier approved by the Thai government in May 2011, it will use Thai Smile to venture into the LCC space. Thai Smile is targeted to launch in July 2012 and will initially fly domestic routes before expanding into Southeast Asian countries, China and India in 2013 when it expects to turn profitable. This development comes after a long unsuccessful battle to gain an Air Operators Certificate (AOC) from Thai’s Transport Ministry. We have assumed the JV would not take off hence there is no change in our estimates. While Tiger has recently proposed a 1:2 rights issue which will raise gross proceeds of ~S$159m and ease the pressure off its balance sheet, we are concerned about the deployment of its future added capacity seeing its regional expansion is facing roadblocks.

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