Singapore Air Transport Sector - Phillip Securities 2024-04-03: Trickling Into A Seasonally Lulled Quarter

Singapore Air Transport Sector - Trickling Into A Seasonally Lulled Quarter

SIA (SGX:C6L) | SGinvestors.ioSIA (SGX:C6L) SATS LTD. (SGX:S58)
  • Another weak month for the Singapore air transport sector, as the valuation disparity has drawn investors to HK/China-listed peers. China was the last country to lift border restrictions, and HK/Chinese carriers, such as Cathay Pacific, are catching up on volume and profitability.
  • SIA's passenger load factor fell again in Feb 24. Cargo volume also declined after the short spike in Jan from CNY and the Red Sea conflict. It was a similar trend for passenger and airfreight volume at the Changi Airport.
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Jet fuel prices climbed 12.4% year-to-date.

  • Jet fuel prices climbed 12.4% year-to-date as demand rose in tandem with air travel recovery in Asia. The sanctions imposed on Russia by the EU and UK reduced the supply and raised the price of diesel. Complex refineries that can adjust production would prioritise diesel output over jet fuel, thus curbing jet fuel supply and lifting prices.

The merger of Air India and Vistara received the conditional approval from the Competition and Consumer Commission of Singapore.

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  • SIA also commits to inject a further S$880mil cash into the JV.

SIA Engineering will exit and write off S$25.1mil from its participation in Pratt & Whitney’s PW1500G engine Risk-Revenue Sharing Programme (RRSP).

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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 @

Peggy Mak Phillip Securities Research | 2024-04-03


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