Broker Name: Maybank Research Pte Ltd
Date of Report: November 17, 2025

Excerpt from Maybank Research Pte Ltd report.

Report Summary

• Singapore Airlines’ (SIA) 2QFY26 earnings fell sharply, mainly due to losses from its Air India investment and lower interest income, despite higher operating profit from robust passenger demand and lower fuel prices.
• Passenger yields are stabilizing, but cargo remains weak due to falling yields and challenging trade conditions. SIA announced a special dividend plan to cushion the impact of lower total payouts as it faces high capex and potential Air India cash calls.
• The analyst maintains a SELL rating with a lowered target price, citing ongoing risks from competition, macro uncertainties, and delayed Air India turnaround. SIA’s medium-term outlook is pressured by rising costs and subdued cargo, though it retains resilience and has strong ESG commitments.

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