Singapore Airlines - UOB Kay Hian 2024-08-02: 1QFY25 Results A Slight Miss Due To Pax & Cargo Yield Weaknesses

• SIA’s earnings are set to moderate in FY25-26 but should stay at decent levels above pre-pandemic levels, based on our projection. SIA has underutilised balance sheet strength, which gives it scope for raising its dividend payout ratio.
• - Read this at SGinvestors.io -

1QFY25 results deemed a slight miss

• Singapore Airlines (SIA, SGX:C6L)’s headline net profit of S$452m (-38.5% y-o-y, -21.4% q-o-q) fell within but stood at the lower part of our previously guided range of S$390m-550m. Core net profit of S$411m (-24.6% y-o-y, -6.9% q-o-q) was below our expectations, at 21.7% of our forecast.
• - Read this at SGinvestors.io -

Lower-than-expected pax and cargo yields.

• 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:
2025-04-17 Singapore Airlines (SIA) - Sharp Drop In Jet Fuel Prices Lifts FY26-27 Earnings Prospects..

Previous report by UOB:
2025-01-16 SIA - Expect Decent Core Earnings In 3QFY25; But High Valuation A Concern.

Price targets by 5 other brokers at SIA Target Prices.

Listing of research reports at SIA Analyst Reports.

Relevant links:
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SIA Dividend Payout Dates & Corporate Actions,
SIA News