Singapore Airlines - UOB Kay Hian 2024-04-17: Pax Data Slightly Better Than Expected, But Cargo Misses In Mar 24

• Singapore Airllines (SIA)’s Mar 2024 pax data came in slightly better our expectation, but cargo missed. Overall, earnings impacts from the beat in pax data and the miss in cargo data would largely offset each other by our estimate.
• - Read this at SGinvestors.io -

Key highlights for Mar 2024 operational data:

Slightly better-than-expected pax data.

• SIA (SGX:C6L)'s Mar 2024 pax load stood at 94.9% of pre-pandemic levels, slightly better than our projected 94.0%.
• Notably, this slight beat in pax load was achieved on the back of lower-than-projected capacity recovery of 91.4% (our projection: 93.5%), but stronger-than-expected pax load factors at 87.7% (our projection: 85.0%). This higher-than-expected pax load factor implies more favourable cost economy for the per unit pax load than our expectation.

Cargo data improving, but slower than our projection.

• - Read this at SGinvestors.io -
• Mar 2024 cargo load factor of 60% was in line with our projection, but on the back of lower-than-expected cargo capacity recovery of 87.1% (our projection: 95%).

Network recovery:

• Read more at SGinvestors.io.

Roy Chen CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-04-17 SGinvestors.io

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