- 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.
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- 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).
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The Positives
Higher contribution from subsidiaries, JVs, and associates.
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