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SIA - Singapore Airlines (SG:C6L)
SGX:C6L
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SIA - Singapore Airlines
(SGX:C6L)
74Outperform
Positive Factors
Dividend
SIA may pay another strong final dividend.
Fuel Prices
The recent sharp drop in jet fuel prices would support SIA's FY26 financial performance, leading to a 17% lift in FY26 earnings forecast.
Passenger Load
Passenger data reached 99.9% of pre-pandemic capacity and exceeded pre-pandemic load factors.
Negative Factors
Cargo Demand
Cargo load grew at a slower rate of 2.0% yoy, as volume strength in the East Asia route was offset by weaknesses of cargo demand in the Americas and Europe.
Operating Costs
Higher-than-expected operation costs have been amplified by Singapore Airlines’ high operating leverage.
Profitability
Singapore Airlines' core profitability is likely to stay in an overall moderating trend as passenger and cargo yields remain under pressure.
SIA - Singapore Airlines (C6L) vs. S&P 500 (SPY)
Market Cap
$20.33B
Dividend Yield6.72%
Average Volume (3M)5.91M
Price to Earnings (P/E)10.2
Beta (1Y)0.96
Revenue Growth4.47%
EPS Growth-26.05%
CountrySG
Employees22,819
SectorIndustrials
Sector Strength77
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)0.52
Shares Outstanding2,977,670,400
10 Day Avg. Volume4,636,020
30 Day Avg. Volume5,912,849
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.00
Price to Cash Flow (P/CF)0.00
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$6.63Price Target Upside-3.23% Downside
Rating ConsensusHold
Number of Analyst Covering4
SIA - Singapore Airlines Business Overview & Revenue Model
Company DescriptionSingapore Airlines (SIA) is a leading global airline founded in 1947, headquartered in Singapore. It operates within the aviation sector, offering scheduled passenger and cargo air transport services. SIA is renowned for its commitment to service excellence, innovation, and safety, with a comprehensive network spanning across Asia, Europe, the Americas, Africa, and the Middle East. SIA's subsidiaries include regional airline SilkAir, low-cost carrier Scoot, and SIA Engineering Company, which specializes in aircraft maintenance, repair, and overhaul services.
How the Company Makes MoneySingapore Airlines generates revenue primarily through its passenger and cargo air transport services. The majority of its income is derived from ticket sales for passenger flights, which are offered across multiple class categories, including economy, premium economy, business, and first class. Additionally, SIA earns revenue from its cargo operations, transporting goods across its extensive flight network. Ancillary services such as in-flight sales, seat selection fees, and loyalty programs also contribute to earnings. Strategic partnerships and code-sharing agreements with other airlines further expand its market reach and enhance revenue opportunities. The airline's subsidiaries, particularly in aircraft maintenance and the budget travel sector, provide additional revenue streams, supporting its financial performance.
SIA - Singapore Airlines Financial Statement Overview
Summary
Income Statement
Balance Sheet
Cash Flow
| Breakdown | ||||
| Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 19.01B | 17.77B | 7.61B | 3.82B | 15.98B | Gross Profit |
| 5.96B | 3.03B | -198.60M | -1.51B | 1.20B | EBIT |
| 2.73B | 1.65B | -867.80M | -2.14B | 295.50M | EBITDA |
| 5.57B | 5.17B | 1.42B | -2.43B | 2.27B | Net Income Common Stockholders |
| 2.67B | 2.16B | -962.00M | -4.27B | -212.00M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 12.66B | 16.73B | 14.17B | 8.05B | 3.11B | Total Assets |
| 44.26B | 50.19B | 49.72B | 37.58B | 33.71B | Total Debt |
| 13.45B | 15.34B | 15.92B | 14.34B | 11.78B | Net Debt |
| 2.18B | -988.30M | 2.15B | 6.55B | 9.10B | Total Liabilities |
| 27.52B | 29.94B | 26.92B | 21.30B | 23.98B | Stockholders Equity |
| 16.34B | 19.86B | 22.41B | 15.91B | 9.31B |
| Cash Flow | Free Cash Flow | |||
| 3.73B | 7.47B | -289.20M | -6.21B | -2.54B | Operating Cash Flow |
| 5.05B | 9.15B | 2.83B | -3.44B | 2.66B | Investing Cash Flow |
| -1.44B | -490.10M | -2.32B | -1.40B | -5.10B | Financing Cash Flow |
| -8.78B | -5.88B | 5.44B | 9.97B | 2.14B |
SIA - Singapore Airlines Technical Analysis
Positive
6.85
Price Trends
6.64
Positive
6.51
Positive
6.40
Positive
Market Momentum
0.07
Negative
66.87
Neutral
96.56
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:C6L, the sentiment is Positive. The current price of 6.85 is above the 20-day moving average (MA) of 6.45, above the 50-day MA of 6.64, and above the 200-day MA of 6.40, indicating a bullish trend. The MACD of 0.07 indicates Negative momentum. The RSI at 66.87 is Neutral, neither overbought nor oversold. The STOCH value of 96.56 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:C6L.
SIA - Singapore Airlines Peers Comparison
Overall Rating
UnderperformOutperform
Sector (64)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | S$10.15B | 8.00 | 11.58% | 6.55% | -0.21% | -22.52% | |
74 Outperform | $20.33B | 10.25 | 12.58% | 6.72% | 4.47% | -26.05% | |
69 Neutral | S$3.29B | 15.33 | 8.14% | 4.93% | 15.36% | 16.55% | |
64 Neutral | $4.25B | 11.69 | 5.23% | 249.83% | 4.04% | -9.46% | |
63 Neutral | $4.29B | 21.77 | 8.14% | 1.11% | 60.52% | ― | |
61 Neutral | $5.67B | 30.96 | 2.74% | 7.11% | -0.97% | -40.20% |
* Industrials Sector Average
Performance Comparison
SG:C6L
SIA - Singapore Airlines
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0.59
9.56%
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Mapletree Logistics
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25.69
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1.45%
SIA - Singapore Airlines Earnings Call Summary
Earnings Call Date:Feb 20, 2025
(Q2-2025)
| % Change Since: 6.53%|
Next Earnings Date:May 15, 2025
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.Q2-2025 Updates
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.
Cargo Segment Performance
Cargo loads are up 20% relative to a capacity increase of 10.2%, with load factors increasing by 4.7 percentage points.
Strategic Initiatives
New flights announced for both SIA and Scoot, with investments in new products and partnerships, including the Air India-Vistara merger.
KrisFlyer Membership Growth
KrisFlyer membership reached 9.4 million, more than double pre-COVID levels.
Expanding Network
Scoot taking delivery of new aircraft, expanding its footprint in Southeast Asia, and new collaborations with Air India and Garuda.
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%.
Cost Increases
Expenditure increased by 14% year-on-year, with net fuel costs up nearly 20% and nonfuel costs up 12.1%.
Passenger Yield Decline
Passenger yields saw a broad-based decline of 9%, across both economy and business classes.
Boeing 777 Delivery Delays
Delayed deliveries until 2026, potentially affecting future capacity and growth plans.
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 Corporate Events
Singapore Airlines Reports Mixed March 2025 Results
Apr 15, 2025
In March 2025, Singapore Airlines reported a mixed performance with a slight increase in available seat kilometers and passengers carried, but a decrease in passenger load factor compared to the previous year. The cargo segment showed growth in gross capacity and cargo carried, although the cargo load factor declined. These results reflect the company’s ongoing adjustments in response to market conditions, impacting its operational efficiency and market positioning.
Singapore Airlines Reports Mixed February 2025 Results
Mar 17, 2025
In February 2025, Singapore Airlines reported a positive performance in its passenger services, with an increase in available seat-kilometers and revenue passenger-kilometers, leading to a higher passenger load factor. However, its subsidiary Scoot experienced a decline in these metrics. The cargo segment faced challenges, with a decrease in cargo load factor despite an increase in gross capacity. These results reflect mixed operational outcomes, indicating a strong passenger demand but challenges in the cargo sector, impacting the company’s overall market positioning.
Singapore Airlines Reports Strong Passenger Growth in January 2025
Feb 17, 2025
In January 2025, Singapore Airlines reported an increase in both passenger and cargo services, with notable improvements in passenger load factors across most regions. The company’s performance showcases positive growth in passenger numbers and revenue passenger kilometers, indicating a strengthening market position despite a slight decline in cargo load factor.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
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.