- In May 2025, the aviation industry saw a rebound after the initial US tariff shock. SATS and SIA Engineering were the top performers, gaining 11.1% and 16.7% respectively, and recovered all the losses from a month ago. SIA's share price remained resilient, supported by the expectation of high dividends, which they announced to be 40 cents. China Aviation Oil was the only counter to experience negative growth in May 2025 due to the gloomy Chinese economy outlook.
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- We maintain a NEUTRAL stance on air transportation.
New De Minimis Rate
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