SIA Engineering - UOB Kay Hian 2023-07-26: 1QFY24 Results In Line; Core Profitability Continues To Recover

• SIA Engineering (SGX:S59)’s 1QFY24 net profit of S$27.0m (+28% q-o-q, +111% y-o-y) was in line with our expectation, within our guided range of S$25m-30m and forming 22% of our full-year forecast.
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• In 1QFY24, the number of flights handled by SIA Engineering’s line maintenance unit in Singapore recovered to 84% of pre-pandemic volume (+69% y-o-y, +11% q-o-q).
• Balance sheet remained rock-solid with a net cash position of over S$600m as at end-1QFY24, equivalent to about 23% of SIA Engineering’s market cap.

Turnaround at the operating level.

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Improving performance of JVs and associates.

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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:
2025-07-23 SIA Engineering - 1QFY26 Earnings Beat; Fairly Valued After Recent Share Price Surge.

Previous report by UOB:
2025-02-17 SIA Engineering 3QFY25 Results In Line - Maintaining A Moderate Pace Of Earnings Improvement.

Price targets by other brokers at SIA Engineering Target Prices.

Listing of research reports at SIA Engineering Analyst Reports.

Relevant links:
SIA Engineering Share Price History,
SIA Engineering Announcements,
SIA Engineering Dividend Payout Dates & Corporate Actions,
SIA Engineering News