Singapore Airlines - Phillip Securities 2025-11-24: Flying High, Landing Heavy In India

• We upgrade our call for Singapore Airlines (SIA) to NEUTRAL with a higher target price of S$6.04 (prev: S$5.94).
• - Read this at SGinvestors.io -
• Core activities remained resilient as operating profit rose 0.9% y-o-y to S$398m. Passengers carried by SIA group increased 8% y-o-y to ~ 20.8m, and fuel cost fell 6.7% y-o-y to S$2.5bn. SIA’s associate, Air India, however, faced significant losses due to voluntary capacity reductions, rising operating costs, market seasonality, and unfavourable exchange rate trends.

The Positives

Strong operating performance.

• - Read this at SGinvestors.io -
• This was, however, moderated by an increase in non-fuel costs, which rose 5.9% y-o-y to S$6.3bn.

Fortress balance sheet enhances shareholder returns.

• 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/.

Read also Phillip's most recent report:
2026-03-02 Singapore Airlines - Passengers Soar, Cargo Tumbles, Air India Lingers.

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