$SIA (C6L.SG)$ UOB KH maintain hold on SIA, with a slightly ...

UOB KH maintain hold on SIA, with a slightly higher target price of S$6.35, based on 1.18x FY25F P/B.

SIA's FY24 headline net profit of S$2.67b (+24% yoy) was in line with their expectations at 101% of their forecast. FY24's final DPS of 38 S cents was slightly above their projection.

They expect SIA's earnings to go downhill in the next two years, driven by pax and cargo yield moderation as competition catches up, but still meaningfully above prepandemic levels with SIA's strengthened market leading position.