I agree with CodyBlade.
MI is not only increasing capacity but also absorbing it well. So far there was no LCC with their model but just last year with SIA buying stakes in Tigerair makes me wonder about their strategy. They're going into India and tying up with TATA to start a FSC airline there. All SIA entities are managed independently so there is no co ordination or route sharing/allocation among them
If and when they start flying international, they will surely operate to singapore and major destinations in south east asia and further add to SQ/MI competition.