Singapore Airlines (SIA) - UOB Kay Hian 2023-05-18: FY23 Results In Line; Strong Final Dividend A Key Surprise

Singapore Airlines (SIA) - FY23 Results In Line; Strong Final Dividend A Key Surprise

SIA (SGX:C6L) | SGinvestors.ioSIA (SGX:C6L)
  • Upgrade SIA to HOLD with a higher target price of S$5.75.
  • SIA’s FY23 (Apr 2022 to Mar 2023) core net profit was in line with our expectations at 99% of our forecast. The final dividend of 28 cents was a positive surprise, leading to a 6.3% full-year yield for FY23. (See SIA's dividend date)
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SIA's FY23 results in line.

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  • Core EBIT was below our projection at 93.4% of our forecast, but the shortfall was made up for by better-than-expected JVs/associates contribution (thanks to lower losses of Vistara) and lower-than-expected net interest cost.
  • See SIA's announcement dated 16 May 2023 for FY23 financial statements and SIA's announcement dated 17 May 2023 for presentation slides.

Core profitability has peaked.

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Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @

Roy Chen CFA UOB Kay Hian Research | 2023-05-18

Read also UOB's most recent report:
2024-03-19 SIA's Feb 24 Operation Data - Both Pax & Cargo Data Better Than Expected.

Previous report by UOB:
2024-02-22 Singapore Airlines - 3QFY24 Results Miss Mainly On Cost Pressure.

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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