- SIA Engineering (SGX:S59)’s FY24 (financial year ended 31 Mar 2024) top line has surpassed pre-COVID (i.e. FY20) levels, with full flight recovery expected in FY25.
Increased flight activities drove higher demand for MRO services
- - Read this at SGinvestors.io -
- Share of profits of associates and JVs also benefited from healthy demand, and rose 40.1% y-o-y to S$51m. Altogether, PATMI increased by 11.5% y-o-y to S$37.8m.
- - Read this at SGinvestors.io -
FY24 top line was in line with our forecast, but bottom line missed on non-recurring write-off
- On a full year basis, SIA Engineering’s revenue was up 37.5% y-o-y at S$1.1b, north of our forecasts by ~3%. Revenue from the Airframe Overhaul & Line Maintenance segment grew 29.7% y-o-y to S$836.2m, while revenue from the Engine & Component segment jumped by a greater 70.7% y-o-y to S$258m on a lower base.
- Operating profit came in at S$2.3m as compared to an operating loss of S$26.3m in FY23.
- Share of profits of associates and JVs, as well as PATMI expanded by 29.8% and 46.2% y-o-y to S$101m and S$97.1m, respectively. The latter was ~18% lower than our forecasts but would have been in line after adjusting for the write-off from the aforementioned RSSP.
Final dividend of S$0.06
- Read more at SGinvestors.io.
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 @ https://www.iocbc.com/.
Ada Lim OCBC Investment Research | https://www.iocbc.com/ 2024-05-13
Previous report by OCBC:
2024-02-16 SIA Engineering - Status Quo.
Price targets by other brokers at SIA Engineering Target Prices.
Listing of research reports at SIA Engineering Analyst Reports.
Relevant links:
SIA Engineering Share Price History,
SIA Engineering Announcements,
SIA Engineering Dividends & Corporate Actions,
SIA Engineering News Articles
