Singapore Airlines - OCBC Investment 2023-11-08: Bated Breath

Singapore Airlines - Bated Breath

SIA (SGX:C6L) | SGinvestors.ioSIA (SGX:C6L)
  • Singapore Airlines (SIA) posted 2QFY24 revenue of S$4.68b, representing a growth of 4.3% y-o-y and ~4.6% q-o-q. This was driven by a 17.3% y-o-y increase in passenger flown revenue to S$3.87b, as a 28.9% increase in traffic outpaced a 26% increase in capacity during the period, uplifting group passenger load factors (PLFs) by 2 percentage points (ppt) to 88.6%.

Record 2QFY24 operating profit

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  • Altogether, SIA reported a record 2QFY24 operating profit of S$799m, up 17.8% y-o-y.

1HFY24 profit up 25.9% y-o-y

  • For 1HFY24, SIA’s group revenue and expenditure rose by 8.9% and 5.9% to S$9.16b and S$7.61m respectively, flowing through to a record operating profit of S$1.55b, up 25.9% y-o-y.
  • 1HFY24 net income of S$1.45b constituted ~60% of our initial forecast.
  • SIA has declared an interim dividend of S$0.10 per share, which is unchanged y-o-y. See SIA's dividend dates.

Cautiously optimistic outlook

Demand for air travel to remain healthy

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Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @

Ada Lim OCBC Investment Research | 2023-11-08

Previous report by OCBC:
2023-07-31 Singapore Airlines - Cruising Altitude.

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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