Singapore Airlines - Declining Yields; Maintain REDUCE

Singapore Airlines - Phillip Securities 2023-11-09: Declining Yields; Maintain REDUCE

Singapore Airlines - Declining Yields; Maintain REDUCE

SGinvestors.io

Published: 2023-11-09 09:05 PM

SIA (SGX:C6L)

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Growth was driven by strong passenger load (+38% y-o-y), while yields have begun to fall (-8.5%). Cargo remains weak as volume (-6.0%) and yields (-46.2%) were lower, though yields are above pre-COVID levels.

SIA plans to redeem 50% of the remaining Mandatory Convertible Bonds (MCB) for S$1.71bn, bringing total redemption to S$5.1bn for FY24e. See SIA's announcement dated 7 Nov 2023.

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The Positives

Higher passenger load offset decline in yields.

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Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.

SGinvestors.io

Peggy Mak Phillip Securities Research | https://www.stocksbnb.com/ 2023-11-09

Read also Phillip's most recent report:
2025-02-24 Singapore Airlines - Better Than Expected 3QFY25 Performance.

Previous report by Phillip:
2024-11-12 Singapore Airlines - Maintain REDUCE Recommendation On Yield & Cost Pressures.

Price targets by 4 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