Brokers' Take

Singapore Airlines > Hold

CIMB Research, Nov 4

Target price: S$10.47

Nov 4 close: S$9.95

SIA reported H1 FY3/17 core net profit of S$33.7 million, down 59 per cent year on year, and about 30 per cent below expectations on escalating yield pressures and falling passenger load factors. Despite low oil prices and a halving of fuel hedging losses, SIA has not been able to keep the cost savings due to heavy competition which required a price response. We maintain…