SIA Reports Strong 1H Result With Notable Improvement Across All Segments
No-moat Singapore Airlines, or SIA, reported a solid first-half result with net income and revenue rising 32% and 6% year on year, respectively, on notable improvement across all business segments. Given the recent pickup in the global aviation industry, particularly on the cargo front, we are bumping up our full-year net income estimate by 15% to SGD 410 million while retaining our major operating assumptions. We maintain our fair value estimate of SGD 10 per share and consider the current mark...Singapore Airlines is engaged in the business of passenger air transportation. Co. and its subsidiaries have four reportable operating segments as follows: Airline Operations, which provides passenger air transportation; Engineering Services, which is in the business of providing airframe maintenance and overhaul services, line maintenance, technical ground handling services and fleet management programme; Cargo Operations, which is involved in air cargo transportation and related activities; as well as Other, which consists of services provided by Co. and its subsidiaries, such as training of pilots, air charters and tour wholesaling.
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