Singapore Airlines (SIA) - DBS Research 2024-01-18: Limited Upside As Earnings Peak

Singapore Airlines (SIA) - Limited Upside As Earnings Peak

SIA (SGX:C6L) | SGinvestors.ioSIA (SGX:C6L)
  • 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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Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @

Jason SUM CFA DBS Group Research | Tabitha FOO DBS Research | Paul YONG DBS Research | 2024-01-18

Read also DBS's most recent report:
2024-02-22 Singapore Airlines - Dual Turbulence - Navigating Pricing & Cost Pressures.

Price targets by 4 other brokers at SIA Target Prices.

Listing of research reports at SIA Analyst Reports.

Relevant links:
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SIA Dividends & Corporate Actions,
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