Report
John Hu
EUR 147.86 For Business Accounts Only

SIA’s Weak First-Half Results Indicate More Challenging Operating Environment Ahead

No-moat Singapore Airlines, or SIA, posted mixed first-half results, with net income and revenue making up 38% and 51% of our full-year estimates, respectively. Although the 4% year-on-year decline in revenue to SGD 7.7 billion was in line with our expectations, the 6% year-on-year drop in net income to SGD 322 million fell short of our forecast, as the 25% year-on-year drop in fuel cost and SGD 130 million one-off gain were not enough to offset deteriorating pricing amid intense competition. St...
Underlying
Singapore Airlines Ltd.

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.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
John Hu

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