- 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.
- - Read this at SGinvestors.io -
- 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.
- - Read this at SGinvestors.io -
- 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/.
Hashim Osman Phillip Securities Research | https://www.poems.com.sg/ 2026-03-02
Read also Phillip's most recent report:
2026-05-19 Singapore Airlines - Weighed Down By Associates.
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
