- We initiate coverage of Singapore Airlines (SIA) with HOLD and a 12-month target price of S$7.10, based on 1.34x FY25E P/B (or +1.0 standard deviation above its historical mean).
- We think SIA's share price will continue to trade at above mean P/B valuation in the near term, supported by its final dividend of S$0.38 (ex-dividend on 1 Aug 2024).
Robust air travel demand, but yields moderating
- - Read this at SGinvestors.io -
- - Read this at SGinvestors.io -
- Our FY25-27E EPS forecast for SIA are 3-23% higher than consensus as we think the ongoing supply chain issues will impede SIA’s competitors from quickly ramping up their flights in the next 1-2 years.
Challenging cargo business sees some bright spot
- Read more at SGinvestors.io.
Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://www.maybanktrade.com.sg/.
Eric Ong Maybank Research | https://www.maybank-ke.com.sg/ 2024-07-12
Read also Maybank's most recent report:
2024-09-02 Singapore Airlines - Clearing The Final Hurdle For Merger Of Vistara & Air India.
Previous report by Maybank:
2024-08-01 Singapore Airlines (SIA) - A Slow Take-Off; Soft 1QFY25 Earnings.
Price targets by 4 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
