Singapore Airlines FY25 - UOB Kay Hian 2025-05-19: Headline Earnings In Line But Core Missed; Earnings To Moderate In FY26

Singapore Airlines FY25: Headline Earnings In Line But Core Missed; Earnings To Moderate In FY26

Published:
SIA (SGX:C6L) | SGinvestors.io
  • SIA's FY25 core net profit missed our projection. The final dividend of 30 cents was a positive surprise, but this level of dividend is likely unsustainable.
  • - Read this at SGinvestors.io -

Headline earnings in line, but core profitability missed due to higher-than-expected non-fuel cost.

  • Singapore Airlines (SIA , SGX:C6L)’s headline net profit of S$410m (-28.7% y-o-y) came in in line with our guidance of S$400m, with full-year net profit at 100% of our forecast. However, note that the 4QFY25 headline net profit was significantly aided by a sizeable reversal of tax overprovision from previous years. Excluding one-off items, the FY25 core operating profit and core net profit formed 94% and 97% of our full-year forecasts, respectively.
  • - Read this at SGinvestors.io -

SIA's final dividend of 30 cents above expectations.

  • 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/.



Roy Chen CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2025-05-19



Read also UOB's most recent report:
2025-06-17 SIA - Expect Decent 1QFY26 Earnings Performance.

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






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