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

Singapore Airlines (SIA) - FY24 in Line; Expect Moderating But Decent Performance In FY25

SIA (SGX:C6L) | SGinvestors.ioSIA (SGX:C6L)
  • 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.

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  • 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.

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  • 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.

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Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @

Roy Chen CFA UOB Kay Hian Research | 2024-05-17

Previous report by UOB:
2024-04-17 Singapore Airlines - Pax Data Slightly Better Than Expected, But Cargo Misses In Mar 24.

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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