Global Mobility/Transport, Equity Long-Short

Mohshin Aziz

Capital market veteran with 22 years experience with stints as an analyst (sell-side & buyside), investor relations and fund manager. 

My key expertise in the aviation sector. My definition of "aviation" includes airlines, travel tours, airports, airport retail & services, OEMs, online travel agents, aircraft lessors, air cargo/logistics, etc.   

I have an active watchlist consisting 190 companies across 41 countries. The aviation sector is highly cyclical and I am constantly evaluating signals to uncover attractive trade opportunities.

Singapore Airlines: Supply Dislocations Will Underpin Strong Profits for Much Longer

Equity Bottom-Up

<ul>
<li>
<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> (SIA) November operating statistics were good, passenger load factor rose by 1.9ppt YoY to 87.8%, and cargo load factor rose by a similar quantum  </li>
<li>Market observations suggest yields should remain at high levels and cost items such as fuel and USD-denominated items on a favorable downtrend </li>
<li>If this performance continues, SIA will beat consensus easily. We recommend BUY with a TP of SGD8.07 - pegged to 10x FY24 PE. (+26% UPSIDE)  </li>
</ul>



Singapore Airlines (SIA SP) (SIA) November operating statistics were good, passenger load factor rose by 1.9ppt YoY to 87.8%, and cargo load factor rose by a similar quantum  
Market observations suggest yields should remain at high levels and cost items such as fuel and USD-denominated items on a favorable downtrend 
If this performance continues, SIA will beat consensus easily. We recommend BUY with a TP of SGD8.07 - pegged to 10x FY24 PE. (+26% UPSIDE)  


Singapore Airlines (SIA SP | BUY | SGD: 8.07): Nov' 2023 Op Stats, More Reason to Be Bullish