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

Singapore Airlines - Declining Yields; Maintain REDUCE

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SIA (SGX:C6L) | SGinvestors.ioSIA (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.

    • Read more at SGinvestors.io.




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



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


    Read also Phillip's most recent report:
    2024-11-12 Singapore Airlines - Maintain REDUCE Recommendation On Yield & Cost Pressures.

    Previous report by Phillip:
    2024-08-01 Singapore Airlines - Lower Yields & Rising Fuel Costs.

    Price targets by 4 other brokers at SIA Target Prices.

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