Singapore Stock Market News
Singapore Airlines - 2Q FY3/16 results: Solid numbers-gains and pressures where expected
StockFanatic
Publish date: Fri, 06 Nov 2015, 12:02 PM
StockFanatic
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● Singapore Airlines (SQ) has reported a pre-ex NPAT of S$180 mn for 2Q FY3/16, up 150% YoY and 20% ahead of our S$150 mn expectations and consensus of around the same. Reported profit of S$214 mn was 135% ahead of the previous year.
● Revenue fell short of expectations on lower parent yields, but better fuel costs and lower affiliate losses offset this. EBIT and EBITDAR matched our estimates, but the bottom line was flattered by a large dividend receipt, which drove most of the beat.
● While revenue pressures are expected to remain, we perceive a sharp reduction in jet fuel costs likely to accelerate during 2HFY3/16 and into FY17 as expensive hedges roll off. Coupled with better affiliate contributions, we have lifted our estimates 10% this year and 54% next as we also incorporate our recent reduction in Brent price expectations.
● We retain our OUTPERFORM rating for SQ and have lifted our TP by 6% to S$14 from S$13.15, based on a target EV/CFMV of 135% and equivalent to a forward EV/EBITDAR of 4.8x.
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