phillip securities research equities initiating coverage singapore airport terminal services limited 19 december 2005 sats is a leading provider of integrated ground handling and inflight catering at changi in also has 13 overseas joint ventures operating such countries regions as china hong kong taipei india vietnam the philippines etc benefit from rising tourist arrivals increasing arrival been will continue to be key growth driver for passenger throughput january october cumulative recorded 8 1 yoy increase reached 7 3 million besides aims triple tourism receipts s 30 billion double 17 by 2015 developing entertainment industry encouraging investment orchard road providing holistic approach promotion with new uniquely brand long run positive handled more than 80 passengers low cost carriers lcc help traffic introduction fundamentally changing nature competitive landscape aviation
