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SIA - Singapore Airlines
(SGX:C6L)
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Rating:60Neutral
Price Target:
S$7.50
â–¼(-0.66% Downside)
Action:Reiterated
Date:08/17/26
The score is driven primarily by solid financial health (ongoing profitability, positive free cash flow, and improving leverage) but is held back by clear margin compression and weaker cash-flow conversion. Technical signals are notably bearish (below key moving averages with negative MACD and low RSI), while valuation is mixed with a strong dividend yield offset by a relatively high P/E.
Positive Factors
Post-pandemic revenue recovery
Revenue remains above pandemic-era levels and continues to expand, indicating durable passenger and cargo demand across SIA’s full-service and Scoot networks. Continued growth supports scale benefits and provides a foundation for sustaining profitability over the medium term.
Negative Factors
Material margin compression
The sharp reduction in net and operating margins shows that post-pandemic earnings normalization is reducing profitability quality. Sustained pressure from competition, labor, fuel, airport, and aircraft costs could limit earnings growth even if revenue continues expanding.
Read all positive and negative factors
Positive Factors
Negative Factors
Post-pandemic revenue recovery
Revenue remains above pandemic-era levels and continues to expand, indicating durable passenger and cargo demand across SIA’s full-service and Scoot networks. Continued growth supports scale benefits and provides a foundation for sustaining profitability over the medium term.
Read all positive factors
SIA - Singapore Airlines (C6L) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$21.84B
Dividend Yield5.04%
Average Volume (3M)5.25M
Price to Earnings (P/E)23.6
Beta (1Y)0.70
Revenue Growth5.03%
EPS Growth-59.42%
CountrySG
Employees29,081
SectorIndustrials
Sector Strength72
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)0.32
Shares Outstanding3,156,670,400
10 Day Avg. Volume6,235,950
30 Day Avg. Volume5,245,028
Financial Highlights & Ratios
PEG Ratio-0.30
Price to Book (P/B)1.18
Price to Sales (P/S)0.99
P/FCF Ratio7.87
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$7.47Price Target Upside-1.02% Downside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)0.26
Revenue Forecast (FY)S$22.27B
SIA - Singapore Airlines Business Overview & Revenue Model
Company Description
Singapore Airlines Limited is an aviation group that delivers a comprehensive array of air transport services for both passengers and cargo. Operating under the brand names Singapore Airlines, SilkAir, and Scoot, its extensive global network conne...
How the Company Makes Money
SIA primarily makes money by selling air transportation services. The core revenue stream is passenger revenue from selling tickets across different cabin classes and fare types, including revenue from scheduled flights and related passenger servi...
SIA - Singapore Airlines Earnings Call Summary
Earnings Call Date:Nov 08, 2024
(Q2-2025)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted revenue growth and strategic expansions, but was overshadowed by significant declines in operating profit and passenger yields, alongside rising costs and delivery delays. The airline is focusing on growth and strategic partnerships to mitigate these challenges.Positive Updates
Revenue Growth
Revenue for the first half came in at $9.5 billion, up 3.7% year-on-year, driven by higher passenger traffic and strong e-commerce demand in the cargo segment.
Negative Updates
Operating Profit Decline
Operating profit of $796 million for the first half, down 49% year-on-year, with an operating profit margin of 8.4%.
Read all updates
Q2-2025 Updates
Positive
Negative
Revenue Growth
Revenue for the first half came in at $9.5 billion, up 3.7% year-on-year, driven by higher passenger traffic and strong e-commerce demand in the cargo segment.
Read all positive updates
Company Guidance
During the Q2 2025 earnings call for Singapore Airlines (C6L.SI), the company reported a first-half operating profit of $796 million, marking a 49% decline from the previous year, yet maintaining an operating profit margin of 8.4%. Revenue increased by 3.7% year-on-year to $9.5 billion, driven by higher passenger traffic and cargo loads. Passenger capacity grew by 11%, while cargo capacity rose by 10.2%, resulting in an overall capacity increase of 10.6%. Despite increased revenue, expenditures surged by 14% year-on-year to $8.7 billion, influenced by a 20% rise in net fuel costs and a 12.1% increase in non-fuel costs, attributed to higher capacity and inflationary pressures. The company announced an interim dividend of 10%, aligning with the previous year. Passenger load factor (PLF) was reported at 86.4%, and unit revenue (RASK) at $0.88, both lower year-on-year but significantly above pre-COVID levels. The company continues to face challenges from increased competition and yield moderation but remains focused on strategic initiatives, including expanding its network and enhancing product offerings, with a focus on growth opportunities in Southeast Asia and India.SIA - Singapore Airlines Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
66
Positive
Cash Flow
62
Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 20.52B | 19.54B | 19.01B | 17.77B | 7.61B |
| Gross Profit | 3.64B | 5.59B | 5.96B | 3.03B | -198.60M |
| EBITDA | 4.82B | 5.71B | 5.57B | 5.17B | 1.42B |
| Net Income | 1.18B | 2.78B | 2.67B | 2.16B | -962.00M |
Balance Sheet | |||||
| Total Assets | 44.03B | 43.09B | 44.26B | 50.19B | 49.72B |
| Cash, Cash Equivalents and Short-Term Investments | 10.22B | 8.78B | 11.79B | 16.73B | 14.17B |
| Total Debt | 10.64B | 12.91B | 13.45B | 15.34B | 15.92B |
| Total Liabilities | 26.34B | 27.02B | 27.52B | 29.94B | 26.92B |
| Stockholders Equity | 17.26B | 15.66B | 16.34B | 19.86B | 22.41B |
Cash Flow | |||||
| Free Cash Flow | 2.59B | 2.83B | 3.81B | 7.47B | -289.20M |
| Operating Cash Flow | 5.22B | 4.71B | 5.05B | 9.15B | 2.83B |
| Investing Cash Flow | -2.76B | -3.30B | -1.44B | -490.10M | -2.32B |
| Financing Cash Flow | -2.65B | -4.33B | -8.78B | -5.88B | 5.16B |
SIA - Singapore Airlines Technical Analysis
Neutral
7.55
Price Trends
7.24
Negative
6.78
Positive
6.53
Positive
Market Momentum
-0.08
Positive
36.91
Neutral
6.17
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:C6L, the sentiment is Neutral. The current price of 7.55 is above the 20-day moving average (MA) of 7.21, above the 50-day MA of 7.24, and above the 200-day MA of 6.53, indicating a neutral trend. The MACD of -0.08 indicates Positive momentum. The RSI at 36.91 is Neutral, neither overbought nor oversold. The STOCH value of 6.17 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SG:C6L.
SIA - Singapore Airlines Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | S$33.28B | 59.60 | 17.50% | 2.17% | 11.42% | -25.59% | |
68 Neutral | S$3.49B | 20.64 | 9.78% | 2.94% | 14.28% | 21.19% | |
65 Neutral | S$6.05B | 21.42 | 10.57% | 1.47% | 9.01% | 17.18% | |
64 Neutral | S$2.80B | 13.34 | 8.03% | 6.44% | 8.70% | -5.29% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
60 Neutral | S$21.84B | 23.63 | 5.61% | 5.23% | 5.03% | -59.42% |
* Industrials Sector Average
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SIA - Singapore Airlines Corporate Events
SIA Group Grows Traffic but Sees Load Factors Ease in July
Aug 17, 2026
The Singapore Airlines Group reported higher July 2026 passenger traffic and capacity, with overall traffic up 2.6% year on year and capacity rising 5.5% on the back of network expansion to East Asia, Europe and the South West Pacific. However, th...
Singapore Airlines reshapes board committees after director re-elections
Jul 24, 2026
Singapore Airlines has reshaped the composition of several board committees following the re-election of directors Goh Swee Chen and Dominic Ho Chiu Fai at its fifty-fourth annual general meeting. Ho remains chairman of the Board Safety and Risk C...
Singapore Airlines Group Posts Strong June Traffic and Cargo Gains Amid Network Shifts
Jul 15, 2026
The SIA Group reported solid growth in June 2026, driven by resilient passenger demand and strong cargo performance despite slightly softer load factors in some regions. Group passenger capacity increased 6.0% year-on-year, while traffic rose 4.1%...
Singapore Airlines Issues CNY1.5 Billion Notes Under Multicurrency Debt Programme
Jun 30, 2026
Singapore Airlines has issued offshore CNY1.5 billion of 2.38 per cent notes due 2031 under its S$10 billion multicurrency medium term note programme, further diversifying its funding base in international capital markets. The joint lead managers ...
Singapore Airlines reshapes board committees ahead of July AGM
Jun 25, 2026
Singapore Airlines has outlined a series of board committee changes to take effect after its 54th annual general meeting on 24 July 2026, including the re-designation of directors Dominic Ho and Simon Cheong from independent to non-independent non...
Singapore Airlines Taps Offshore Renminbi Market With CNY1.5 Billion Note Issue
Jun 23, 2026
Singapore Airlines has launched and priced an offshore CNY1.5 billion issuance of 2.38 per cent notes due 2031 under its S$10 billion multicurrency medium term note programme, with Bank of China, DBS, HSBC and Standard Chartered acting as joint le...
SIA Group Grows Traffic and Cargo in May as Network Expansion Continues
Jun 16, 2026
The SIA Group reported higher passenger and cargo volumes in May 2026, with group passenger traffic up 4.9% year-on-year and capacity up 5.3%, resulting in a slightly lower passenger load factor of 86.0%. Singapore Airlines and Scoot together carr...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.