SIA Maintains Its Premium Edge Among Legacy Carriers, but Not Enough in an Commoditized Industry.
No-moat Singapore Airlines reported second-quarter fiscal 2018 results that featured solid revenue growth of 6%, but higher fuel cost continued to weigh on the group’s profitability. While passenger yield was down 1% for the second quarter, it was offset by a 9% increase in traffic. Management expects passenger traffic to grow, but rising fuel price will continue pressure to the group's bottom line in the near future. We maintain our fair value estimate at SGD 11 for Singapore Airlines and view ...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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