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FY26 beat on temporary tailwinds from Middle East disruption, as yields were bolstered by diversion traffic and higher last-seat demand in March.
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FY27 to test yield durability amid full impact of fuel shock, compounded by steep losses at Air India.
SIA delivered a stronger-than-expected operating performance.
- - Read this at SGinvestors.io -
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4QFY26 revenue rose 11% y-o-y to S$5,341mil, supported by higher passenger load factors (SIA: +1.5ppt y-o-y to 87.2%; Scoot: +0.3ppt y-o-y to 89.4%) and passenger yields (SIA: +5.3% y-o-y; Scoot: +6.2% y-o-y). Cargo revenue grew 3.3% y-o-y in the quarter, as higher load factor of 55.9% (+2.6ppt y-o-y) offset slightly lower yields (-0.2% y-o-y).
- - Read this at SGinvestors.io -
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SIA proposed a final dividend of 22 cents/share, and the second tranche special dividend of 7 cents/share bringing the full-year SIA's dividends to 37 cents/share (~6.0% yield), above our/consensus estimate of 30 cents/27 cents respectively (FY25: 40 cents/share).
Impact from Middle East disruption.
- Read more at SGinvestors.io.
Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.
Jason SUM DBS Group Research | https://www.dbs.com/insightsdirect/ 2026-05-18
Previous report by DBS:
2026-04-28 Singapore Airlines - Still Flying Ahead Amid Softer Skies; Target Price Lowered To S$6.50.
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
