SIA - DBS Research 2024-08-02: Flying Through Strong Headwinds

• SIA (SGX:C6L) reported net profit of S$451.7mil (-21.5% q-o-q, -38.5% y-o-y) in 1QFY25, representing 26% of our full-year core net profit estimate. The group’s performance during the quarter was aligned with our expectations, given that we expect further deterioration in subsequent quarters.

1QFY25 in line, but risks are still skewed to the downside

• - Read this at SGinvestors.io -
• The cargo segment, however, showed promising sequential improvements in yields and load factors. Despite facing inflationary pressures,
• SIA managed costs effectively during the period, reducing ex-fuel unit costs by 3.5% y-o-y, better than our projected 1.0% reduction. Nonetheless, a significant 8.1% increase in jet fuel prices drove a 2.1% y-o-y overall increase in unit costs.
• - Read this at SGinvestors.io -

Heightened competition across all traffic corridors.

• Read more at SGinvestors.io.

Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Read also DBS's most recent report:
2025-07-30 Singapore Airlines - Air India Impact Overshadows SIA’s Resilient Core.

Previous report by DBS:
2025-05-19 Singapore Airlines - Caught In Crosswinds.

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 Dividend Payout Dates & Corporate Actions,
SIA News