- Singapore Airlines (SIA, SGX:C6L) has a best-in-class balance sheet, which is not only advantageous in a rising interest rate environment, but also enables the group to retain many of its pilots and aircraft despite the devastating impact of COVID-19. As a result, SIA was able to swiftly deploy capacity as borders reopened and gain market share from competitors in the region.
Macroeconomic indicators still largely favour the sector
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- Across the three major regions, we are most positive on airlines in Asia Pacific, as we expect them to demonstrate stronger earnings momentum, underpinned by relatively higher capacity growth and wider margins, with the Chinese airlines are likely to see the biggest upswing in earnings.
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Downward pressure on earnings to begin following an impressive two years.
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