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

Singapore Airlines - Fighting Gravity

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 -

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 -

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

  •

Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @

Ada Lim OCBC Investment Research | 2024-02-21

Read also OCBC's most recent report:
2024-05-17 Singapore Airlines - Nearing The End Of The Runway For Exceptionalism.

Price targets by 3 other brokers at SIA Target Prices.

Listing of research reports at SIA Analyst Reports.

Relevant links:
SIA Share Price History,
SIA Announcements,
SIA Dividends & Corporate Actions,
SIA News Articles


You May Also Like

SGX Stock / REIT Search


Most Read

Trust Bank God Of Fortune Referral Code PGKPSWAE Trust Bank Referral Code 🎁