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Cargo operations had a load factor of 54.3 per cent, 24.5 percentage points lower year on year.
Loads fell by 18.9 per cent from the year before, while capacity expanded by 17.7 per cent as increased passenger services resulted in higher bellyhold capacity.
Scoot resumed flights to Zhengzhou in December, while SIA restarted fortnightly passenger services from Singapore to Beijing on Dec 30.
SIA Group’s passenge...

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A COMBINED 2.7 million passengers flew on Singapore Airlines (SIA) and Scoot in December, marking an 11.7 per cent month-on-month increase.
Group passenger traffic and load factors remained robust across all route regions including East Asia, said SIA Group in a bourse filing on Monday (Jan 16).
In Hong Kong, Japan and Taiwan, the demand for air travel was boosted by the relaxation of travel r...

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While the national carrier and its sister airline Scoot stand to benefit from a recovery in inbound and outbound passenger flows, Yap said growing competition with Chinese and Hong Kong carriers may force SIA to give up its unsustainably fat yield premiums.
“Upside risks include potential for the Chinese passenger traffic recovery to exceed expectations due to a tsunami of rev...

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He noted that CGS-CIMB’s previous expectations are likely to be exceeded due to both higher-than-expected available seat kilometres capacity and passenger load factor, based on SIA’s operating statistics in October and November 2022.
The brokerage has also slashed all-in jet fuel price assumptions for FY2023 to FY2025 due to lower Brent cr...

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CGS-CIMB has downgraded its call on Singapore Airlines  to “hold” from “add” as the brokerage no longer views the national carrier’s upside as compelling despite its strong dividends.
In a report on Monday (Jan 16), analyst Raymond Yap noted that SIA’s share price has rerated 16.5 per cent over the past three months on optimism over China’s reopening.
He added that despite SIA’s share price ...

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Even as the surge subsides, other storm clouds are gathering at a rapid clip.
High core inflation of 5.1% for October will undoubtedly dampen spending demand.
Private sector economists have forecast that core inflation will come in at 4% next year and incorporates the 1% increase in the GST rate which takes effect from 1 January.
Growth forecasts for Singapore’s gross domestic product (GDP) have also been cut, with economi...

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The group’s share price has surged to a 52-week high in line with these good results, up 11.8% year to date to S$5.60.
With the airline coasting on a wave of optimism, can SIA’s share price continue to soar to new heights in 2023?
A temporary surge?
SIA’s passenger numbers look good because of a low base effect last year when travel had still not resumed in full.
At the...

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Singapore Airlines has extended its cargo partnership with Worldwide Flight Services (WFS) in the United Kingdom with a new contract for domestic trucking services connecting 18 regional offline airports.
WFS now handles over 45,000 tonnes per annum for Singapore Airlines, which currently operates 30 flights a week ex Heathrow and seven weekly services from Manchester using a combination of Airbus A350 and A380...

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Embraer SA is in talks with Singapore Airlines Ltd. to supply its Scoot unit with regional jets, giving the low-cost subsidiary a smaller aircraft capable of serving more destinations in the region.
The airline is considering the Brazilian planemaker’s E-jets, which typically seat 80 to 146 passengers, on services within Southeast Asia, according to people familiar with the talks. Any potential order cou...

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CGS-CIMB Research analyst Raymond Yap notes that since Vistara’s carrying value in SIA’s balance sheet as of Sept 30 was zero, and the value of SIA’s 20.6% stake in the enlarged Air India has been determined as $1.11 billion, SIA will book a $1.11 billion gain from the sale of Vistara to Air India.
This is incorporated into his FY2024 forecast as an exceptional gain, which boosts his reported net prof...