Broker Name: OCBC Investment Research
Date of Report: 14 November 2025

Excerpt from OCBC Investment Research report.

Report Summary

• Singapore Airlines (SIA) delivered record 1HFY26 revenues, but profits dropped sharply due to losses from its Air India associate; special dividends are planned but regular dividends are down year-on-year.
• OCBC lowered its fair value estimate for SIA to SGD6.40, maintaining a HOLD rating, citing peaking yields, growing competition, and the drag from Air India, but remains confident in SIA’s long-term value due to its brand and quality.

Above is an excerpt from a report by OCBC Investment Research. Clients of OCBC Investment Research can be the first to access the full report from the OCBC website : https://www.ocbc.com