Singapore Airlines (SIA) - UOB Kay Hian 2024-05-17: FY24 in Line; Expect Moderating But Decent Performance In FY25

• We expect SIA’s earnings to go downhill in the next two years, driven by pax and cargo yield moderation as competition catches up, but still meaningfully above pre-pandemic levels with SIA’s strengthened market leading position.

SIA's FY24 results in line.

• - Read this at SGinvestors.io -
• Group revenue rose 7.0% y-o-y in FY24, driven by recovery in both pax (+26.6% y-o-y) and cargo volume (+1.7% y-o-y), but offset by moderated pax (-7.6% y-o-y) and cargo (-42.2% y-o-y) yields.

Final dividend of 38 cents slightly above expectations.

• - Read this at SGinvestors.io -
• SIA's dividends of 48 cents for FY24 was slightly higher than our expected range of 38-45 cents.

Redeeming all remaining MCBs as expected.

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2025-10-17 Singapore Airlines - Sep 25 Cargo Load A Miss; Expect Weak 2QFY26 Earnings Due To Air India Drags.

Previous report by UOB:
2025-09-16 Singapore Airlines - Aug 25 Operating Data In Line; Expect Weaker 2QFY26 Earnings Due To Air India Drags.

Price targets by 3 other brokers at SIA Target Prices.

Listing of research reports at SIA Analyst Reports.

Relevant links:
SIA Share Price History,
SIA Announcements,
SIA Dividend Payout Dates & Corporate Actions,
SIA News