Singapore Airlines (SIA) - UOB Kay Hian 2023-09-19: Aug 2023 Operation Data Slightly Behind Projections

Singapore Airlines (SIA) - Aug 2023 Operation Data Slightly Behind Projections

SIA (SGX:C6L) | SGinvestors.ioSIA (SGX:C6L)
  • SIA’s August 2023 operation data were slightly behind our projections, with flattish pax capacity growth m-o-m and a slight dip in pax load factor. Overall, the operation data showed no improvement from July, a sign that recovery momentum is slowing down.
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  • Valuation is still on the high side, with SIA's share price trading at 1.35x FY24F P/B (1.5 standard deviation above its historical mean). Maintain SELL on SIA with new target price: S$6.44.

Key highlights for SIA's Aug 23 operation data:

Pax operation data: No improvement from July, slightly behind our projection.

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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 | 2023-09-19

Previous report by UOB:
2023-07-31 Singapore Airlines - 1QFY24 Results In Line; Peak Quarterly Earnings Helped By Tailwinds.

Price targets by 3 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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