“It was a similar trend for passenger and airfreight volume at the Changi Airport,” adds Mak.
PhillipCapital’s Peggy Mak has kept her “underweight” rating on Singapore’s air transport sector, amid weaker metrics during a “seasonally lulled” quarter.
In her April 3 report, the research manager notes that Singapore Airlines (SGX:C6L
) ’ (SIA) passenger load factor fell consecutively in February, while cargo volume similarly declined following January's short spike from the Chinese New Year period and the Red Sea conflict.
