SINGAPORE (July 30): OCBC Investment Research is maintaining its “hold” call on Singapore Airlines (SIA) with a lower fair value of $11.01 on falling cargo load factor (CLF) and implementation of new reporting standards SFRS.
To recap, SIA reported a 0.5% drop in revenue to $3.84 billion in 1Q19 from a year ago but saw a 52.3% fall in operating profit to $193.1 million as 1Q18 included non-recurring items of $175 million which were related to KrisFlyer breakage rate adjustments and compensation for changes in aircraft delivery slots.
