$SIA (C6L.SG)$ Singapore Airlines could see further upside t...

$SIA(C6L.SG)$ Singapore Airlines could see further upside this year, Nomura research analysts write in a note. SIA's passenger traffic for May was largely in line with expectations, they note, while cargo loads rose on strong e-commerce demand and a shift in demand from sea to air cargo due to the Red Sea Crisis. Arrivals from China in Singapore in May rose 133% on-year, with on-month numbers recovering from March and April's declines. More positive news is expected this year on the merger between Vistara, which is co-owned by SIA, and Air India, they add. Nomura retains its buy rating with a target price of S$9.17. Shares last at S$6.79.