0648 GMT - Singapore Airlines is entering a rough patch with deeper Air India losses and higher fuel costs, OCBC's Ada Lim writes in a note. Its share price has outpaced fundamentals, and a potential correction could come after the share goes ex-dividend next month, Lim says. However, SIA's strong balance sheet during an uncertain period bodes well for the carrier, Lim says. SIA's hedging program seems more effective than regional peers', and its nimbleness helped it increase capacity and potentially gain market share along the Europe-Asia routes, Lim says. Passengers will likely prefer direct flights in the near term even as Middle Eastern carriers restore capacity, Lim adds. OCBC retained a hold rating on the stock and raised its fair value estimate to S$6.95 from S$6.65. Shares are 1.1% higher at S$7.61.