SIA’s Third-Quarter Result Points to Increasingly Intense Competition; FVE Maintained at SGD 10
The no-moat-rated Singapore Airlines, or SIA, posted mixed first nine months results. The 14% year-on-year drop in net income to SGD 499 million fell short of our estimate by roughly 10%, as positive on-off divestment gain and a 23% year-on-year drop in fuel cost were offset by Tigerair's trademark write-down, lower dividends from long-term investment and associates losses. The group revenue declined at in line 4% year on year to SGD 11 billion. We trimmed our full-year net income forecast by 6%...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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