SIA's Feb 24 Operation Data - UOB Kay Hian 2024-03-19: Both Pax & Cargo Data Better Than Expected

• Singapore Airlines (SIA)’s Feb 24 operation data beat our expectation, with pax load and cargo load exceeding our projections by 4.3% and 6.8% respectively. The strong pax load benefitted from the boost in Chinese visitor arrivals after Singapore’s implementation of the visa-free arrangement for Chinese visitors effective from 9 Feb 24.
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Key highlights for Singapore Airlines (SIA)'s Feb 24 operation data:

Upbeat pax data with stronger-than-expected load factors.

• SIA's Feb 24 pax load beat our projection by 4.3%, reaching 88.0% of pre-pandemic (Jan 20) levels mainly due to stronger-than-expected pax load factor of 86.3% (Jan 24: 85.3%), thanks to the visa-free arrangement for Chinese effective 9 Feb 24.
• - Read this at SGinvestors.io -

Better-than-expected cargo data supported by strong e-commerce demand.

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Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2026-02-03 SIA 3QFY25 Earnings Preview - Core Earnings To Bottom Out Qoq; Improved Outlook On Pax Yield Stabilisation.

Previous report by UOB:
2025-11-17 Singapore Airlines 2QFY26 - Results In Line; Capital Return Scheme To Support Dividend Yields.

Price targets by 3 other brokers at SIA Target Prices.

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