SIA - Singapore Airlines (SG:C6L)
SGX:C6L
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SIA - Singapore Airlines
(SGX:C6L)
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Rating:63Neutral
Price Target:
S$7.00
â–²(6.87% Upside)
Action:Downgraded
Date:05/16/26
The score is driven primarily by solid financial health (ongoing profitability, positive free cash flow, and improving leverage), but is held back by FY2026 margin/earnings cooling and weaker cash-flow conversion. Technicals are a notable drag with bearish trend indicators, while valuation is supported by a high dividend yield and a moderate P/E.
Positive Factors
Improving leverage
A lower debt-to-equity and sizable equity base improve balance-sheet resilience for a capital-intensive airline. This structurally reduces refinancing risk, supports fleet financing and long-term capex needs, and provides buffer against cyclical demand shocks over the next 2–6 months.
Negative Factors
Margin and earnings compression
A material decline in net margin suggests sustained cost or yield pressure that undermines earnings power. Over several quarters this erodes retained earnings and ROE, constraining capital allocation flexibility and magnifying vulnerability to fuel or demand shocks in a low-margin environment.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving leverage
A lower debt-to-equity and sizable equity base improve balance-sheet resilience for a capital-intensive airline. This structurally reduces refinancing risk, supports fleet financing and long-term capex needs, and provides buffer against cyclical demand shocks over the next 2–6 months.
Read all positive factors
SIA - Singapore Airlines (C6L) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$20.20B
Dividend Yield6.21%
Average Volume (3M)5.25M
Price to Earnings (P/E)17.2
Beta (1Y)0.81
Revenue Growth5.03%
EPS Growth-59.42%
CountrySG
Employees22,819
SectorIndustrials
Sector Strength72
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)0.89
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$7.07Price Target Upside7.91% Upside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)0.34
Revenue Forecast (FY)S$21.57B
SIA - Singapore Airlines Business Overview & Revenue Model
Company Description
Singapore Airlines Limited, together with subsidiaries, offers passenger and cargo air transportation services under the Singapore Airlines, SilkAir, and Scoot brands in East Asia, the Americas, Europe, Southwest Pacific, West Asia, and Africa. Th...
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:Aug 05, 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 | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 19.77B | 20.52B | 19.54B | 19.01B | 17.77B | 7.61B |
| Gross Profit | 12.46B | 3.64B | 5.59B | 5.96B | 3.03B | -198.60M |
| EBITDA | 3.92B | 4.82B | 5.71B | 5.57B | 5.17B | 1.42B |
| Net Income | 3.39B | 1.18B | 2.78B | 2.67B | 2.16B | -962.00M |
Balance Sheet | ||||||
| Total Assets | 43.09B | 44.03B | 43.09B | 44.26B | 50.19B | 49.72B |
| Cash, Cash Equivalents and Short-Term Investments | 8.78B | 10.22B | 8.78B | 11.79B | 16.73B | 14.17B |
| Total Debt | 12.91B | 10.64B | 12.91B | 13.45B | 15.34B | 15.92B |
| Total Liabilities | 27.02B | 26.34B | 27.02B | 27.52B | 29.94B | 26.92B |
| Stockholders Equity | 15.66B | 17.26B | 15.66B | 16.34B | 19.86B | 22.41B |
Cash Flow | ||||||
| Free Cash Flow | 2.94B | 2.59B | 2.83B | 3.81B | 7.47B | -289.20M |
| Operating Cash Flow | 4.71B | 5.22B | 4.71B | 5.05B | 9.15B | 2.83B |
| Investing Cash Flow | -3.30B | -2.76B | -3.30B | -1.44B | -490.10M | -2.32B |
| Financing Cash Flow | -4.33B | -2.65B | -4.33B | -8.78B | -5.88B | 5.16B |
SIA - Singapore Airlines Technical Analysis
Negative
6.55
Price Trends
6.72
Negative
6.55
Positive
6.56
Negative
Market Momentum
-0.02
Positive
44.67
Neutral
18.39
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:C6L, the sentiment is Negative. The current price of 6.55 is below the 20-day moving average (MA) of 6.61, below the 50-day MA of 6.72, and below the 200-day MA of 6.56, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 44.67 is Neutral, neither overbought nor oversold. The STOCH value of 18.39 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
66 Neutral | S$2.77B | 6.45 | 8.83% | 5.55% | 13.00% | 9.36% | |
66 Neutral | S$3.54B | 21.47 | 6.65% | 2.68% | 14.28% | 21.19% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | S$20.20B | 17.20 | 11.35% | 6.21% | 5.03% | -59.42% | |
62 Neutral | S$4.83B | 16.71 | 10.43% | 1.44% | 10.26% | 30.63% | |
59 Neutral | S$32.32B | 109.64 | 17.50% | 2.01% | 9.50% | -34.09% |
* Industrials Sector Average
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SIA - Singapore Airlines Corporate Events
Scoot Expands A320neo Fleet to Drive Growth and Boost Singapore Hub
May 7, 2026
Scoot has strengthened its growth plans by firming up orders for five Airbus A320neo family jets and exercising options for six more, lifting its A320neo family orderbook to 20 aircraft with deliveries starting in 2028. Configured in single-class ...
SIA Group Starts 2026 With Higher Passenger Volumes but Softer Load Factors
Feb 16, 2026
Singapore Airlines and its low-cost arm Scoot reported mixed operating metrics for January 2026, with the mainline carrier seeing slight declines in traffic and load factor while Scoot expanded capacity and passenger volumes. The group’s com...
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.