Singapore Airlines (SIA) - UOB Kay Hian 2024-09-17: Weaker-Than-Expected Pax Load Factor A Sign Of Increased Competition

• Singapore Airlines (SIA)’s pax load factor remained below pre-pandemic levels for the second consecutive month in Aug 24, although pax capacity supply was still marginally below pre-pandemic levels. This is a confirmative sign that SIA is facing increased competition, in our view.
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Key highlights for SIA's Aug 24 operation data:

Pax load factor below pre-pandemic levels for a second straight month, a sign of competition catching up.

• - Read this at SGinvestors.io -
• See SIA's announcement dated 16 September – On a y-o-y basis, pax load factor dipped 2.5ppt, as pax capacity supply growth outpaced pax load recovery. We believe the weaker-than-expected pax load factor in Aug 24 is a confirmative sign that competition is catching up faster than our previous expectation.

Cargo data recovery continued, but at a moderate pace.

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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:
2026-02-03 SIA 3QFY25 Earnings Preview - Core Earnings To Bottom Out Qoq; Improved Outlook On Pax Yield Stabilisation.

Previous report by UOB:
2025-11-17 Singapore Airlines 2QFY26 - Results In Line; Capital Return Scheme To Support Dividend Yields.

Price targets by 3 other brokers at SIA Target Prices.

Listing of research reports at SIA Analyst Reports.

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