Singapore Airlines' Near-Term Earnings Momentum Likely to Be Strong -- Market Talk

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Singapore Airlines' Near-Term Earnings Momentum Likely to Be Strong -- Market Talk

Dow Jones2023-07-20

0318 GMT - Singapore Airlines' near-term earnings momentum is likely to be strong, as its robust passenger operations more than offset weakness in its cargo operations, UOB Kay Hian analyst Roy Chen says in a research report. The analyst noted that SIA's passenger load factor climbed to a record 90.6% in June. Given SIA's strong June operation data, its upcoming 1Q FY 2024 net profit may now be closer to the upper end of the brokerage's previously guided range of S$650 million-S$750 million, the analyst adds. UOB Kay Hian raises its target price for the stock to S$7.28 from S$7.07, but says SIA's valuation is very elevated and maintains its sell rating. Shares are 0.7% lower at S$7.33. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

July 19, 2023 23:18 ET (03:18 GMT)

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Given SIA's strong June operation data, its upcoming 1Q FY 2024 net profit may now be closer to the upper end of the brokerage's previously guided range of S$650 million-S$750 million, the analyst adds. UOB Kay Hian raises its target price for the stock to S$7.28 from S$7.07, but says SIA's valuation is very elevated and maintains its sell rating. Shares are 0.7% lower at S$7.33. 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