SIA (SGX:C6L)'s 3Q26/9M26 adj. PATMI (ex-associates & divestment gain) / with associates & divestment gain increased 25.8%/0.9% y-o-y to S$683mil/S$1,296mil, forming 67%/127% of our adj. FY26e estimates.
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3Q26 passengers carried rose 6.3% y-o-y to 10.8mil, with demand outpacing capacity growth and driving yields up 1.9pp to 10.9%. Scoot’s operating profit surged 160% to S$48mil on strong regional travel demand, new route additions, and potential traffic redirect from Chinese airlines which cut nearly 60% of airline capacity to Japan.
The Positives
Stronger y-o-y Q3 passenger travel performance.
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The addition of new Scoot routes in 3Q26, including Da Nang, Kota Bahru, and Chiang Rai, would also have strengthened group-wide connectivity and generated network traffic for SIA on connecting flights.
A further tailwind may have come from a near-60 % reduction in capacity by Chinese Airlines to Japan due to diplomatic tensions, which could have redirected passengers through Singapore and benefited SIA on China-Singapore-Japan itineraries.
The Negative
Weaker cargo segment performance.
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/.
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