Singapore Airlines - DBS Research 2023-02-23: A Cut Above The Competition; 3QFY23 Results Setting New Highs

Singapore Airlines - A Cut Above The Competition; 3QFY23 Results Setting New Highs

  • SIA (SGX:C6L) reported net profit of S$628.0m (+12.8% q-o-q, +99.5% vs 3QFY20), with 9MFY22 net profit of S$1,554.9m accounting for 95.0%/90.2% of consensus/DBS’s full-year estimate. SIA saw its highest ever quarterly revenue and operating profit of S$4,846.4m and S$1,439.7m respectively during the period, with an exceptionally strong EBIT margin of 15.6%.
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  • Group passenger load factor of 87.4% (SIA: 87.3% and Scoot: 87.8%) was a record for SIA group and passenger yields unexpectedly strengthened at both SIA (+2.3% q-o-q) and Scoot (+6.3% q-o-q) despite increased competition during the period as airlines in the region added more flights.

Group passenger capacity to stay flattish in 4QFY23 but could approach 100% by end-FY24F.

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Strong momentum for passenger traffic to sustain into 4QFY23.

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Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @

Paul YONG DBS Group Research | Jason SUM CFA DBS Research | 2023-02-23

Read also DBS's most recent report:
2023-06-26 Singapore Airlines (SIA) - Time To Take Profit.

Previous report by DBS:
2023-05-18 Singapore Airlines (SIA) - Get Ready For Another Stellar Performance.

Price targets by 4 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


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