SIA Engineering - Phillip Securities 2025-09-15: Robust MRO Demand As Deliveries Delayed

• We initiate coverage on SIA Engineering (SGX:S59) with a BUY rating and target price of S$3.83. We believe SIA Engineering will be a key beneficiary of surging MRO demand. MRO upcycle are from two drivers:
  1. - Read this at SGinvestors.io -
  2. capacity expansion with ~80% market share in Singapore’s Line Maintenance and 30% in Engine MRO.
• We expect SIA Engineering's PATMI to rise 18.2% y-o-y to US$165.7mil in FY26e, driven by a 1ppt improvement in operating margin as the SIA contract was successfully repriced in April 2025, and JV income, jumping 22% y-o-y to US$144.7mil in FY26e, underpinned by capacity expansion from 2H25.
• - Read this at SGinvestors.io -

Company Background

• Read more at SGinvestors.io.

Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.

Previous report by Phillip:
2019-02-11 SIA Engineering Company Ltd - Marred By One-Time Events.

Price targets by 2 other brokers at SIA Engineering Target Prices.

Listing of research reports at SIA Engineering Analyst Reports.

Relevant links:
SIA Engineering Share Price History,
SIA Engineering Announcements,
SIA Engineering Dividend Payout Dates & Corporate Actions,
SIA Engineering News