- Air traffic is expected to recover further in 2H23 but air cargo outlook is likely to be subdued. We expect SIA and SIA Engineering to show improving profitability in 1QFY24 (Apr to Jun 2023) but SATS to report losses mainly due to a negative contribution from WFS.
- - Read this at SGinvestors.io -
- We expect near-term volatility for SATS's share price (Target price: S$2.99).
- Maintain SELL on SIA (Target price: S$7.07) while expecting good 1QFY24 results.
Expecting continued recovery of air travel in 2H23, with air traffic from/to China as a key driver.
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- SATS (SGX:S58)’s aviation food services and part of its gateways services, and
- SIA Engineering (SGX:S59)’s line maintenance and aircraft MRO businesses.
Subdued air cargo outlook in 2H23.
- Read more at SGinvestors.io.
