Singapore Airlines Reported in line 1Q Result; FVE Maintained at SGD 10 per Share
No-moat Singapore Airlines, or SIA, reported an in line first-quarter result with net income down 8% year on year amid decent 6% year-on-year top-line growth. The yield remained under pressure but it was partially offset by robust demand growth in key markets. The notable improvement in the cargo division provided additional support. We leave our key operating assumptions intact for now and maintain our fair value estimate of SGD 10 per share. We consider the current market price fairly valued. ...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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