Singapore Airlines' Earnings May Benefit From Higher Freight Rates -- Market Talk

Dow Jones2024-07-19

0134 GMT - Singapore Airlines may benefit from tailwinds such as higher air freight rates, UOB Kay Hian analyst Roy Chen says in a research report as the brokerage raises the stock's target price to S$6.43 from S$6.34 with an unchanged hold rating. According to media reports, Singapore companies are paying up to 50% more for air freight as compared with the beginning of 2024, the analyst notes. Given Red Sea attacks and ocean freight disruptions, air freight rates may stay high during 2H, hence supporting SIA's FY 2025 earnings, the analyst says. SIA may also benefit from potentially slower moderation in passenger yields, as Airbus' and Boeing's delays in new aircraft deliveries may keep industry's capacity supply tight for longer, the analyst adds. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

July 18, 2024 21:34 ET (01:34 GMT)

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