- Reiterate HOLD on SIA (SGX:C6L) with unchanged target price of S$5.97 (mean CY23F P/BV of 0.9x).
- In Dec 2022, SQ’s passenger RPK (Revenue passenger kilometre) demand was 4.8% higher than what we had pencilled-in, while TR (Scoot)’s RPK was 1.2% above expectations. As a result, SIA’s RPK for the 3QFY23 (Oct-Dec 2022) was 1.4% ahead of what we have modelled, and the quarter’s PLF (Passenger load factor) of 87.4% was also higher than our assumption of 86.3%.
- - Read this at SGinvestors.io -
- - Read this at SGinvestors.io -
- SIA will likely report very strong passenger airline profits for the 3QFY23 (Oct-Dec 2022) on 21 Feb (see Earnings calendar of SGX listed companies), as passenger yields probably rose q-o-q on the back of the year-end holiday travel spree.
- Read more at SGinvestors.io.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
Raymond YAP CFA CGS-CIMB Research | https://www.cgs-cimb.com 2023-01-27
Read also CGS-CIMB's most recent report:
2024-01-09 Singapore Airlines - Upgrade To ADD For Big Returns Over Half Year.Previous report by CGS-CIMB:
2023-11-08 Singapore Airlines - Somewhat Overcast Skies Into 2HFY24.Price targets by 5 other brokers at SIA Target Prices.
Listing of research reports at SIA Analyst Reports.
Relevant links:
SIA Share Price History,
SIA Announcements,
SIA Dividends & Corporate Actions,
SIA News Articles
Singapore Airlines (SIA) - Cargo Yield Pressure May Be Accelerating
SINGAPORE AIRLINES LTD (SGX:C6L)