SIA - UOB Kay Hian 2025-01-16: Expect Decent Core Earnings In 3QFY25; But High Valuation A Concern

• Singapore Airlines (SIA) released its Dec 24 operation data on 15 Jan 25. See SIA's announcements.

Key highlights of Singapore Airlines' operational data for Dec 2024:

Pax data in line.

• - Read this at SGinvestors.io -
• Dec 24 pax load factor stood at 88.5% in Dec 24, 0.9ppt above pre-pandemic levels.

Cargo data below our expectation.

• Dec 24 cargo load stood at 92.3% of pre-pandemic levels, while cargo capacity had already reached 101.8% of pre-pandemic levels.
• Cargo load factors stood at 53.6% in Dec 24, +1.1ppt y-o-y but 5.5ppt below pre-pandemic levels.
• The weakness in SIA’s cargo load factor vs pre-pandemic levels may be explained by a change in air cargo competition landscape (all-cargo freighter fleet gained market share from pax aircraft belly-hold cargo capacity during the pandemic).

Network recovery.

• - Read this at SGinvestors.io -

SIA 3QFY25 results preview: Forecasting S$500m-600m in core earnings.

• 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:
2026-04-16 Singapore Airlines - Expecting Strong 4QFY26 Earnings, Followed By A Weak 1QFY27 Due To Fuel Price Hit.

Previous report by UOB:
2026-02-25 Singapore Airlines - 3QFY26 Results In Line; Stronger-than-expected Operating Performance Offset By Heavier Drag By Air India.

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