Update shared on 26 Nov 2025
Fair value Decreased 2.32%Analysts have lowered their price target for Singapore Airlines to $6.17 from $6.32, citing updated expectations for profit margins and earnings.
What's in the News
- Singapore Airlines reported carrying 10,503,000 passengers in the second quarter of 2025, an increase from 9,630,000 a year earlier (Announcement of Operating Results).
- Passenger load factor rose to 87.9% in the second quarter of 2025, up from 85.8% the previous year (Announcement of Operating Results).
- The company declared an interim dividend of 5 cents per share and a special dividend of 3 cents per share for the half-year ended 30 September 2025. Both dividends are payable on 23 December 2025 (Dividend Decreases, Special Dividend Announced).
- Cargo and mail carried in the second quarter grew to 289.0 million kg from 279.6 million kg a year ago. However, the cargo load factor slightly decreased (Announcement of Operating Results).
- Monthly passenger numbers have consistently increased throughout August, September, and October 2025 compared to the previous year (Announcement of Operating Results).
Valuation Changes
- Consensus Analyst Price Target: Lowered from SGD 6.32 to SGD 6.17, reflecting updated profit outlook.
- Discount Rate: Decreased slightly from 8.65% to 8.58%.
- Revenue Growth: Projected to increase moderately from 1.64% to 1.73%.
- Net Profit Margin: Lowered from 5.55% to 5.15%.
- Future P/E: Increased from 21.15x to 26.81x, indicating higher expectations for future earnings multiples.
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