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Singapore Airlines Limited (SINGY)
OTHER OTC:SINGY
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Singapore Airlines
(OTC:SINGY)
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Rating:71Outperform
Price Target:
$11.00
▲(2.33% Upside)
Action:ReiteratedDate:11/01/25
Singapore Airlines' overall stock score is driven by its strong financial recovery and attractive valuation. The company's robust revenue growth and profitability improvements post-pandemic are significant strengths. While technical indicators are mixed, the low P/E ratio and high dividend yield make the stock appealing for value and income investors. High debt levels and inconsistent cash flow growth are areas to watch.
Positive Factors
Revenue Growth
The significant increase in revenue demonstrates a strong recovery and growth trajectory, indicating robust demand for services and effective market strategies.
Profitability Improvements
Improved gross profit margins reflect enhanced operational efficiency, which can lead to sustained profitability and competitive advantage in the airline industry.
Strong Cash Generation
Strong operating cash flow indicates the company's ability to generate cash internally, supporting reinvestment and financial stability over the long term.
Negative Factors
High Debt Levels
High debt levels can increase financial risk, especially if interest rates rise, potentially impacting the company's ability to fund operations and growth.
Inconsistent Cash Flow Growth
Inconsistent cash flow growth may hinder the company's ability to plan long-term investments and manage unexpected financial challenges effectively.
Fluctuating EBIT Margin
Fluctuating EBIT margins suggest potential volatility in operational efficiency, which could affect profitability and financial predictability.
Singapore Airlines (SINGY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$17.35B
Dividend Yield6.16%
Average Volume (3M)995.00
Price to Earnings (P/E)9.7
Beta (1Y)0.35
Revenue Growth3.86%
EPS Growth15.58%
CountryUS
Employees22,819
SectorIndustrials
Sector Strength72
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)N/A
Shares Outstanding1,578,335,200
10 Day Avg. Volume0
30 Day Avg. Volume995
Financial Highlights & Ratios
PEG Ratio0.17
Price to Book (P/B)1.40
Price to Sales (P/S)1.12
P/FCF Ratio7.75
Enterprise Value/Market Cap1.51
Enterprise Value/Revenue1.32
Enterprise Value/Gross Profit2.10
Enterprise Value/Ebitda6.69
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Singapore Airlines Business Overview & Revenue Model
Company DescriptionSingapore 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. The company operates through Singapore Airlines, SilkAir, Budget Aviation, and SIAEC segments. The company also offers engineering services, pilot training services, air charters, and tour wholesaling and related services; and refurbishes aircraft galleys. In addition, it provides aircraft maintenance services, including technical and non-technical handling at the airport; maintenance, repair, and overhaul of aircraft and cabin components/systems; repair and overhaul of hydromechanical equipment; aviation insurance; and airframe maintenance and overhaul services, as well as manufactures aircraft cabin parts and tooling for the aerospace industry. Further, the company offers marketing and supporting portal services for the air cargo industry; and reservation service systems, as well as travel-related retail services. Additionally, it provides travel booking and related services through an online portal. As of March 31, 2021, it operated a fleet of 168 aircrafts, including 161 passenger aircrafts and 7 freighters. The company was founded in 1947 and is based in Singapore.
How the Company Makes MoneySingapore Airlines generates revenue primarily through its passenger transport services, which account for the majority of its earnings. The airline charges fares for its flights, which vary based on class of service, route, and demand. Additionally, the company earns significant income from its cargo operations, transporting goods across its global network. Ancillary revenue streams include fees from excess baggage, in-flight sales, and premium services such as lounge access. Furthermore, Singapore Airlines benefits from partnerships with other airlines and alliances, such as the Star Alliance, which enhances its network reach and allows for code-sharing arrangements that contribute to increased passenger volumes and shared revenues.
Singapore Airlines Earnings Call Summary
Earnings Call Date:Nov 08, 2024
(Q2-2025)
| % Change Since: |
Next Earnings Date:May 14, 2026
Earnings Call Sentiment Neutral
The earnings call presents a mixed outlook for Singapore Airlines. While there are positive indicators such as revenue growth and strategic partnerships, significant challenges remain, including a substantial drop in profits and increased costs. The airline is strategically positioned in high-growth regions, but operational challenges, such as fleet delivery delays, continue to pose risks.Q2-2025 Updates
Positive Updates
Revenue Growth
The 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 boosting cargo revenue.
Cargo Performance
Cargo loads increased by 20% relative to a capacity increase of 10.2%, leading to load factors rising by 4.7 percentage points.
Strategic Partnerships and Fleet Expansion
Continued delivery of new aircraft for Scoot and ongoing strategic partnerships, including the merger of Air India and Vistara, with SIA holding a 25.1% stake.
Strong Load Factors
Load factors remained consistently strong, reflecting healthy demand expectations.
Negative Updates
Profit Decline
Operating profit of $796 million for the first half was 49% lower than a year ago, with a net profit of $742 million also down by 49% year-on-year.
Fuel Cost Increase
Expenditure rose by 14% year-on-year, with net fuel costs up by almost 20% due to higher uplift and lower fuel hedging gains.
Passenger Yield Decline
Passenger yields declined by 9% for the main airline, a broad-based reduction across all segments, attributed to increased competition and capacity.
Fleet Delivery Delays
Delays in the delivery of Boeing 777 aircraft, now expected in 2026, affecting capacity expansion plans.
Company Guidance
The guidance provided in the Singapore Airlines Q2 2025 earnings call highlighted several key financial metrics and strategic initiatives. The airline reported an operating profit of $796 million for the first half of the fiscal year, which was a 49% decrease from the previous year. The operating profit margin stood at 8.4%, with revenue increasing by 3.7% year-on-year to $9.5 billion. Passenger capacity grew by 11%, while cargo capacity increased by 10.2%, leading to overall capacity growth of 10.6%. The passenger load factor was 86.4%, and cargo loads rose by 20%. The airline's net profit was $742 million, also down 49% year-on-year. The Board declared an interim dividend of 10%, consistent with the previous year. Singapore Airlines plans to end the financial year with an operating fleet of 204 aircraft, noting a delay in the delivery of five aircraft to 2025-2026. The company also emphasized its strategic focus on expanding partnerships, enhancing customer experience, and leveraging technology, including the adoption of Generative AI to improve operations.Singapore Airlines Financial Statement Overview
Summary
Singapore Airlines has shown a strong recovery in its financial performance post-pandemic. The income statement reflects significant revenue growth and improved profitability. The balance sheet is solid with improved financial leverage, though high debt levels remain a concern. Cash flow generation is strong but inconsistent, with significant capital expenditures impacting stability.Income Statement
Singapore Airlines has shown a strong recovery in its income statement metrics, with total revenue increasing from $3.8 billion in 2021 to $19.5 billion in 2025. The gross profit margin has improved significantly since 2022, reflecting better operational efficiency. While the net profit margin has also turned positive, indicating profitability, the EBIT margin has seen some fluctuations but remains stable. Overall, the revenue growth trajectory is positive, reflecting a strong recovery from pandemic-induced lows.75
Positive
Balance Sheet
The balance sheet of Singapore Airlines shows a solid equity base with stockholders' equity increasing to $15.7 billion in 2025. The debt-to-equity ratio has improved, indicating better financial leverage management. The equity ratio remains healthy, showcasing good asset management. However, total debt remains relatively high, which poses a potential risk if interest rates rise.70
Positive
Cash Flow
The cash flow statement reflects a steady recovery in operating cash flow, which increased to $4.7 billion in 2025. The free cash flow has been positive for the past few years, indicating strong cash generation capability. However, free cash flow growth has been inconsistent, and the company has been managing significant capital expenditures, which impacts cash flow stability.68
Positive
| Breakdown | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 19.54B | 19.01B | 17.77B | 7.61B | 3.82B |
| Gross Profit | 5.59B | 5.96B | 3.03B | -198.60M | -1.51B |
| EBITDA | 5.71B | 5.62B | 4.21B | 853.40M | -791.30M |
| Net Income | 2.78B | 2.67B | 2.16B | -962.00M | -4.27B |
Balance Sheet | |||||
| Total Assets | 43.09B | 44.26B | 50.19B | 49.72B | 37.58B |
| Cash, Cash Equivalents and Short-Term Investments | 8.78B | 12.66B | 16.73B | 14.17B | 8.05B |
| Total Debt | 12.91B | 13.45B | 15.34B | 15.92B | 14.56B |
| Total Liabilities | 27.02B | 27.52B | 29.94B | 26.92B | 21.30B |
| Stockholders Equity | 15.66B | 16.34B | 19.86B | 22.41B | 15.91B |
Cash Flow | |||||
| Free Cash Flow | 2.83B | 3.73B | 7.47B | -289.20M | -6.21B |
| Operating Cash Flow | 4.71B | 5.05B | 9.15B | 2.83B | -3.44B |
| Investing Cash Flow | -3.30B | -1.44B | -490.10M | -2.32B | -1.40B |
| Financing Cash Flow | -4.33B | -8.78B | -5.88B | 5.16B | 9.74B |
Singapore Airlines Technical Analysis
Positive
10.75
Price Trends
10.15
Positive
10.08
Positive
10.20
Positive
Market Momentum
0.27
Negative
70.91
Negative
77.22
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SINGY, the sentiment is Positive. The current price of 10.75 is above the 20-day moving average (MA) of 10.52, above the 50-day MA of 10.15, and above the 200-day MA of 10.20, indicating a bullish trend. The MACD of 0.27 indicates Negative momentum. The RSI at 70.91 is Negative, neither overbought nor oversold. The STOCH value of 77.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SINGY.
Singapore Airlines Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $16.29B | 12.16 | 140.98% | 3.50% | 6.81% | 58.22% | |
73 Outperform | $33.54B | 13.31 | 28.00% | 1.37% | 14.75% | 71.73% | |
71 Outperform | $17.35B | 9.67 | 14.98% | 6.16% | 3.86% | 15.58% | |
71 Outperform | $37.82B | 10.76 | 23.99% | ― | 4.24% | 20.29% | |
70 Outperform | $46.44B | 9.29 | 27.70% | 0.96% | 4.33% | -1.58% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
47 Neutral | $9.31B | 80.37 | ― | ― | 1.27% | 118.64% |
* Industrials Sector Average
SINGY
Singapore Airlines
11.00
1.54
16.28%
DAL
Delta Air Lines
66.88
6.12
10.07%
RYAAY
Ryanair Holdings
64.61
19.80
44.19%
UAL
United Airlines Holdings
107.17
9.40
9.61%
AAL
American Airlines
12.93
-2.38
-15.55%
LTM
LATAM Airlines Group SA Sponsored ADR
56.70
25.79
83.44%
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.