Singapore Airlines - Maybank Research 2024-07-12: Throttle Down; Peakish Earnings Post-COVID

• 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 an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Read also Maybank's most recent report:
2025-05-16 Singapore Airlines - Steady 4QFY25 Results & Bumper Final Dividend.

Previous report by Maybank:
2025-02-21 Singapore Airlines - Finally A Solid Quarter.

Price targets by 5 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