Singapore Airlines - DBS Research 2024-05-17: Leaving The Best Days Behind For Now

Singapore Airlines - Leaving The Best Days Behind For Now

SIA (SGX:C6L) | SGinvestors.ioSIA (SGX:C6L)
  • Singapore Airlines (SIA, SGX:C6L) reported headline FY24 net profit of S$2,675mil (+24% y-o-y), but core net profit (assuming a normalised tax rate as SIA recorded a one-off tax credit and several one-off items including gains on asset disposals and write-offs related to SIA Engineering (SGX:S59) exiting an engine programme) amounted to S$2,478mil, coming in 1.4% and 3.3% below our and the street’s estimates respectively.

4QFY24 results slightly above ours while in line with consensus estimates.

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Credit metrics are stronger compared to pre-pandemic levels.

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Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @

Jason SUM CFA DBS Group Research | Tabitha FOO DBS Research | Paul YONG CFA DBS Research | 2024-05-17

Previous report by DBS:
2024-02-22 Singapore Airlines - Dual Turbulence - Navigating Pricing & Cost Pressures.

Price targets by 2 other brokers at SIA Target Prices.

Listing of research reports at SIA Analyst Reports.

Relevant links:
SIA Share Price History,
SIA Announcements,
SIA Dividends & Corporate Actions,
SIA News Articles


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