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

• 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)
• - Read this at SGinvestors.io -

SIA's FY23 results in line.

• - Read this at SGinvestors.io -
• 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.

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2025-04-17 Singapore Airlines (SIA) - Sharp Drop In Jet Fuel Prices Lifts FY26-27 Earnings Prospects..

Previous report by UOB:
2025-01-16 SIA - Expect Decent Core Earnings In 3QFY25; But High Valuation A Concern.

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 Dividend Payout Dates & Corporate Actions,
SIA News