Singapore Airlines currently has market capitalization of S$13.04 billion, while Garuda Indonesia (GIAA) around S$1.25 billion. Garuda is valued 0.9 x equity, while Singapore Airlines at around 1.1 x equity. SQ is now traded with PE multiple 17 on annualized earning per share for nine months ended Dec 31, 2015, while Garuda with PE multiple 11.5. SQ is valued significantly higher than Garuda Indonesia. Not a surprise, given how they’re seen by customers. To subscribe please click here