- All three aviation-related counters fell after reporting lacklustre Dec quarter business updates. SIA’s operating profit fell 19.3% y-o-y; SATS’s EBIT margin of 8.8% was below the mid-teens level pre-pandemic; and SIA Engineering incurred a S$3.4mil operating loss.
- - Read this at SGinvestors.io -
- Cargo volume surged 19.7% in Jan 24, a combination of low base in Jan 23, pre-CNY seasonal lift, and tighter sea freight capacity caused by the Red Sea conflict. But volume has eased from Feb.
- We are UNDERWEIGHT on air transportation.
Review
3Q earnings reports disappointed.
- - Read this at SGinvestors.io -
- SATS’s wage bill rose 21% y-o-y in 9M24, due to the consolidation of WFS’ operations.
- SIA Engineering was still loss-making at the operating level.
Chinese passenger airlines are allowed to boost their weekly round-trip US flights to 50 from 31 Mar
- Read more at SGinvestors.io.
Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @ https://www.stocksbnb.com/.
Peggy Mak Phillip Securities Research | https://www.stocksbnb.com/ 2024-03-06
