Singapore Airlines 3QFY26 - Maybank Research 2026-02-25: Surprised Take Off; Upgrade To HOLD

• With pax yield stabilising and still well above pre-COVID levels, we are upgrading SIA (SGX:C6L) to HOLD from SELL with a higher SIA's target price of S$7.03.
• - Read this at SGinvestors.io -

Better operating matrix on strong seasonal demand

• 3QFY26 Group revenue rose 5.5% y-o-y to a record S$5.5b, driven by strong pax traffic growth of 6.3% y-o-y to 10.9m.
• - Read this at SGinvestors.io -
• Coupled with disciplined non-fuel unit costs management, this supported a 25.9% y-o-y increase in operating profit.
• Given the stronger seasonality in 2H, we expect momentum to carry through into 4QFY26, underpinned by sustained travel demand and improved yield performance.

Cargo under pressure amid intense competition

• Read more at SGinvestors.io.

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

Previous report by Maybank:
2025-11-17 Singapore Airlines (SIA) - Navigating The Skies; 2QFY26 Results Missed On Air India Losses.

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