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SGX: SIA       SINGAPORE AIRLINES LTD
Last Price Avg Target Price   Upside/Downside Price Call
10.25 10.16     -0.09 (0.88%)
* Average Target Price, Price Call and Upside/Downside are derived from Price Targets in the past 6 months.
** Price Targets are adjusted for Bonus Issue, Shares Split & Shares Consolidation (where applicable).
Date Open Price Target Price Upside/Downside Price Call Source News
01/08/2017 10.33 10.10 -0.23 (2.23%) HOLD OCBC Price Target News
22/05/2017 10.00 10.03 +0.03 (0.30%) HOLD OCBC Price Target News
19/05/2017 10.23 10.36 +0.13 (1.27%) HOLD OCBC Price Target News


Price Target Research Article/News (past 6 months)
01/08/2017  OCBC Singapore Airlines: No Concrete Signs of Clear Skies Yet
22/05/2017  OCBC Singapore Airlines: Spending to Renew Its Youth
19/05/2017  OCBC Singapore Airlines: Dividend Cut on Disappointing FY17



  Ruth Lim likes this.
 
talk2pkc Delta Air to pay SQ for Virgin Atl shares of 49% - US$360M , wld it share with shareholders ????
11/12/2012 22:27
Ruth Lim BUY SINGAPORE AIRLINES LTD ABOVE 10.340 TG 10.440, 10.560, 10.700 SL 10.220. www.epicresearch.sg
14/04/2014 13:03
ytoh1688 http://www.fool.sg/2015/02/10/at-what-price-would-benjamin-graham-buy-singapore-airlines-ltd/
13/02/2015 09:56
ytoh1688 From Goldman Sach Feb 9th

What surprised us On February 6, Singapore Airlines (SIA) reported 3QFY3/15 results. Preexceptional net profit came in at S$202 mn, in line with both our and Bloomberg consensus estimates of S$214 mn and S$197 mn, respectively. During the quarter, SIA&rsquo s post fuel uplift cost declined by 1.9% yoy (vs 26% yoy decline in jet fuel price) mainly due to significant fuel hedging which reached 65% jet fuel consumption at an average price of US$116/bbl, resulting in hedging losses of S$216 mn.

What to do with the stock SIA Cargo&rsquo s margins rebounded in 3Q, improving 2.9pp yoy or 6.2pp qoq to 3.1%, and bucking an average 4.2% yoy decline in the last three quarters (Exhibit 1). Cargo load factors improved 1.6pp yoy but the major contribution was from a lower fuel price environment. Meanwhile, EBIT margins for the passenger segment declined 1.2pp yoy to 3.9% driven by a lower load factor of 78.3% (-1.1pp yoy). Looking ahead, we think passenger booking for calendar year 1Q15 could recover somewhat as traffic to/from Southeast Asia recovers during Chinese New Year. However, we expect yield pressure to persist throughout calendar 2015, due to significant discounts offered by Middle Eastern carriers and LCCs on long-haul routes to fill seats. We maintain our Neutral rating on the stock. Our 12-m EV/GCI vs. CROCI/WACC-based TP of S$9.60 is unchanged (target EV/GCI multiple 0.49X derived from an average FY3/16E CROCI of 9.1%). Key risks: Upside: Stronger-than-expected cargo demand. Downside: Sharp increase in oil prices.



3/14 3/15E 3/16E 3/17E

EPS (S$) 0.39 0.37 0.45 0.46

EPS growth (%) 14.1 (4.5) 21.7 1.2

EPS (diluted) (S$) 0.30 0.37 0.45 0.46

EPS (basic pre-ex) (S$) 0.40 0.37 0.45 0.46

P/E (X) 26.3 32.5 26.7 26.4

P/B (X) 0.9 1.1 1.0 1.0

EV/EBITDA (X) 4.7 5.7 6.1 6.4

Dividend yield (%) 4.6 1.6 1.9 1.9

ROE (%) 2.7 3.3 3.9 3.9

CROCI (%) 10.5 9.2 9.1 9.0
13/02/2015 10:18


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