Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>UOBKH's Chen downgrades SIA to 'sell' due to rising fuel costs; keeps Air India 'neutral'.</li><li>Evolve Capital maintains 'buy' rating, lowers target to 38 cents for ASL Marine.</li><li>CGS International starts coverage on All-Link Air &amp; Sea with a 92¢ target price.</li></ul>

UOBKH's Chen downgrades SIA to 'sell' due to rising fuel costs; keeps Air India 'neutral'.Evolve Capital maintains 'buy' rating, lowers target to 38 cents for ASL Marine.CGS International starts coverage on All-Link Air &amp; Sea with a 92¢ target price.

Singapore Market Roundup (16-Sep-2026): UOBKH's Chen downgrades SIA to 'sell' amid rising fuel

Equity Long-Short

Mo Aziz

Equity Bottom-Up

<ul>
<li>Record FY26 operating profit of S$2.4bn (+39% YoY) masks 57% net profit drop — on Air India equity losses and Vistara one-off, core net profit fell just 30% to S$1.2bn.</li>
<li>Total FY26 DPS of 37 cents (yield ~5.9%) beats expectations — includes S$0.10/share special dividend; Board committed to 10¢ special DPS in FY27F and FY28F.</li>
<li>FY27F is the real test: full-year Air India equity losses (~S$800m) + lagged fuel cost spike from Middle East conflict will hit hard. Best to stay on sidelines for now. </li>
</ul>


Record FY26 operating profit of S$2.4bn (+39% YoY) masks 57% net profit drop — on Air India equity losses and Vistara one-off, core net profit fell just 30% to S$1.2bn.
Total FY26 DPS of 37 cents (yield ~5.9%) beats expectations — includes S$0.10/share special dividend; Board committed to 10¢ special DPS in FY27F and FY28F.
FY27F is the real test: full-year Air India equity losses (~S$800m) + lagged fuel cost spike from Middle East conflict will hit hard. Best to stay on sidelines for now. 


Singapore Airlines: Did Very Well in FY26, but FY27 Will Be Much Tougher

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>Air India recent capital calls for <a href="https://www.smartkarma.com/entities/singapore-airlines-ltd" target="_blank" data-smartkarma-citation="entities:74:1" rel="noopener">Singapore Airlines (SIA SP)</a> to top its investment is not a one off event, there may be more to come. </li>
<li>SIA share price performance YTD has outshone most of its peers despite difficult environment that everyone has to endure. </li>
<li>Air India remains a great investment opportunity in the longer term but in the near term it does not look positive. </li>
</ul>


Air India recent capital calls for Singapore Airlines (SIA SP) to top its investment is not a one off event, there may be more to come. 
SIA share price performance YTD has outshone most of its peers despite difficult environment that everyone has to endure. 
Air India remains a great investment opportunity in the longer term but in the near term it does not look positive. 


Singapore Air (SIA): Cash Call Is Not a One off Event

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>Legal border crossings in/out of the US in December continued to weaken, including by air</li>
<li>By region, Northern crossings remain weakest; inbound West air crossings still up Y/Y</li>
<li>Numbers suggest tourism activity from Asian sources remains relatively resilient</li>
</ul>


Legal border crossings in/out of the US in December continued to weaken, including by air
By region, Northern crossings remain weakest; inbound West air crossings still up Y/Y
Numbers suggest tourism activity from Asian sources remains relatively resilient


December 2025 USCBP Data Shows US Border Crossing Activity Continued to Decline, Especially in North

<ul>
<li>Overall US border crossings fell in November 2025, but crossings by air were up Y/Y (again)</li>
<li>Northern crossings fell sharply, down -14% Y/Y; local businesses in US, Canada hit hardest</li>
<li>But crossings at Western air gateways surged, which could imply Asian tourism reslience</li>
</ul>


Overall US border crossings fell in November 2025, but crossings by air were up Y/Y (again)
Northern crossings fell sharply, down -14% Y/Y; local businesses in US, Canada hit hardest
But crossings at Western air gateways surged, which could imply Asian tourism reslience


US Customs & Border Protection Data: Northern Crossings Down, Western (Asian?) Air Crossings Firmer

Singapore

Singapore Airlines is the flag carrier of Singapore, offering full-service international passenger and cargo air transportation. It operates a dual-brand strategy with its premium services and the low-cost carrier Scoot, serving numerous destinations globally. The company is headquartered in Airline House, Changi, Singapore, and was incorporated in 1972.

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Singapore Airlines (SIA SP)

Singapore Market Roundup (16-Sep-2026): UOBKH's Chen downgrades SIA to 'sell' amid rising fuel

UOBKH downgrades SIA to 'sell' amid rising fuel costs; keeps Air India 'neutral'. Evolve Capital lowers ASL Marine target to 38¢; CGS starts All...

Singapore Market Roundup

Singapore Airlines: Did Very Well in FY26, but FY27 Will Be Much Tougher

SIA's record operating profit in FY26 masks significant net profit drop due to Air India equity losses and Vistara one-off, with FY27F posing...

Mo Aziz

Singapore Air (SIA): Cash Call Is Not a One off Event

Air India calls for Singapore Airlines to increase investment, signaling potential for more capital calls in the future. SIA's share price has...

Henry Soediarko

December 2025 USCBP Data Shows US Border Crossing Activity Continued to Decline, Especially in North

December data from US Customs and Border Protection show reduced border crossings in and out of the US. One bright spot is air crossings in the...

Tracking Traffic

US Customs & Border Protection Data: Northern Crossings Down, Western (Asian?) Air Crossings Firmer

US border crossing data from November 2025 shows weakness in travel activity in most regions and by most travel modes. But air crossings in the...

Tracking Traffic

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Singapore Market Roundup (16-Sep-2026): UOBKH's Chen downgrades SIA to 'sell' amid rising fuel

UOBKH downgrades SIA to 'sell' amid rising fuel costs; keeps Air India 'neutral'. Evolve Capital lowers ASL Marine target to 38¢; CGS starts All...

Singapore Market Roundup

Singapore Airlines: Did Very Well in FY26, but FY27 Will Be Much Tougher

​SIA's record operating profit in FY26 masks significant net profit drop due to Air India equity losses and Vistara one-off, with FY27F posing...

Mo Aziz

Singapore Air (SIA): Cash Call Is Not a One off Event

​Air India calls for Singapore Airlines to increase investment, signaling potential for more capital calls in the future. SIA's share price has...

Henry Soediarko

December 2025 USCBP Data Shows US Border Crossing Activity Continued to Decline, Especially in North

December data from US Customs and Border Protection show reduced border crossings in and out of the US. One bright spot is air crossings in the...

Tracking Traffic

US Customs & Border Protection Data: Northern Crossings Down, Western (Asian?) Air Crossings Firmer

US border crossing data from November 2025 shows weakness in travel activity in most regions and by most travel modes. But air crossings in the...

Tracking Traffic

SIA's record operating profit in FY26 masks significant net profit drop due to Air India equity losses and Vistara one-off, with FY27F posing...

Air India calls for Singapore Airlines to increase investment, signaling potential for more capital calls in the future. SIA's share price has...