SIA Engineering - OCBC Investment Research 2025-07-23: Positive Outlook Largely Priced In

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Revenue for the quarter increased 33.4% y-o-y to S$358.4m as MRO demand remained robust. The line maintenance unit handled 39.5k flights in Singapore during the quarter, marking an increase of 3.5% y-o-y.

Net profit after tax grew 29.2% y-o-y; results met our expectations.

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• Expenses grew at a slightly slower 32% y-o-y to S$353.3m on higher material and manpower costs; as a result, operating profit grew S$4.1m y-o-y to S$5.1m.
• Together with a 35% y-o-y increase in share of profits from associates and joint venture (JV) companies to S$37.8m, SIA Engineering reported a net profit after tax of S$42.9m, which is 29.2% higher y-o-y.

Is SIAEC a potential beneficiary of the S$5b Equity Market Development Program (EQDP)?

• Read more at SGinvestors.io.

Ada Lim OCBC Investment Research | https://www.iocbc.com/ 2025-07-23

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