- SIA's 1HFY25 revenue met our expectations, improving by 4.7% y-o-y to S$9.5bn, forming 49% of the FY25e estimates. The growth was driven by a 10.8% y-o-y increase in passengers carried and a 4.7 ppt uplift in cargo load factor.
- - Read this at SGinvestors.io -
- Passenger yield decreased by 5.6% y-o-y, followed by cargo yield slipping 13.4% y-o-y. We believe there may be further room for contraction as new capacities are entering the market with intensified competition.
- SIA and Scoot are still underperforming the exceptional FY24, with operating profit slide by 48% y-o-y and 88.35 y-o-y, respectively, 1H25 profitability was supported by an S$3.3mil improvement in subsidiary SIA Engineering (SGX:S59).
- - Read this at SGinvestors.io -
The Positives
Higher contribution from subsidiaries, JVs, and associates.
- Read more at SGinvestors.io.
Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @ https://www.stocksbnb.com/.
Liu Miao Miao Phillip Securities Research | http://www.poems.com.sg/ 2024-11-12
Previous report by Phillip:
2024-08-01 Singapore Airlines - Lower Yields & Rising Fuel Costs.
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
