Singapore Airlines - OCBC Investment 2024-02-21: Fighting Gravity

Singapore Airlines - Fighting Gravity

Published:
SIA (SGX:C6L) | SGinvestors.ioSIA (SGX:C6L)
  • Singapore Airlines (SIA, SGX:C6L) posted a record 3QFY24 (Oct to Dec 2023) revenue of S$5.08b – This was up 4.9% y-o-y, and 8.5% q-o-q. SIA's passenger flown revenue grew 10.6% y-o-y to S$4.17b, despite a 7.4% decline in passenger yields led by the low cost carrier segment (Scoot).

Improved Passenger Load Factor

  • - Read this at SGinvestors.io -

Decline Cargo Yields

  • Cargo flown revenue remained a drag, down 35.1% y-o-y to S$559m, though this was up 7.7% q-o-q due to strong year-end demand from the eCommerce segment.
  • - Read this at SGinvestors.io -

Group expenditure outpaced revenue growth during the quarter, weighing on operating profit

  • Group expenditure increased by a larger 9.3% y-o-y to S$4.47b. Non-fuel expenditure increased by 9.5% y-o-y, in line with overall passenger and cargo capacity. On the other hand, net fuel costs increased by 9.1% y-o-y, as higher volume uplifted and a lower fuel hedging gain were partially offset by a decline in fuel prices.
  • Altogether, SIA reported a 3QFY24 operating profit of S$609m, down 19.3% y-o-y and 23.8% q-o-q.

3QFY24 net profit up 4.9% y-o-y

  • Read more at SGinvestors.io.



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



Ada Lim OCBC Investment Research | https://www.iocbc.com/ 2024-02-21



Read also OCBC's most recent report:
2025-05-19 Singapore Airlines - Another Blockbuster Year.

Previous report by OCBC:
2025-02-24 Singapore Airlines - An Excellent Quarter, Record Revenue On Record 10.2m Passengers Flown..

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






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