Singapore Airlines: First take: Good 4Q print, but watch the jet fuel spike & Air India challenges

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Singapore Airlines: First take: Good 4Q print, but watch the jet fuel spike & Air India challenges

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Singapore Airlines

First take: Good 4Q print, but watch the jet

fuel spike & Air India challenges

Reiterate Rating: UNDERPERFORM | PO: 5.50 SGD | Price: 6.27 SGD

Good 4Q but watch the fuel and Air India challenges 14 May 2026

SIA 4Q net income was better than expected on unit fuel cost timing issues and SIA’s Equity

DPS at S$0.37 per share at a 5.9% yield was better than BofAe (S$0.32). But Air India

Nathan Gee, CFA >>

losses came in worse than expected, and both SIA and Air India face headwinds from Research Analyst

surging jet fuel which SIA acknowledged could not fully be recovered. We stay Merrill Lynch (Singapore) nathan.gee@bofa.com

Underperform on valuation with SIA trading at 1.2x PBV above its historical trading

Amy Han >>

range despite near term headwinds around the Iran war and Air India challenges with Research Analyst

future ongoing losses and impairments a risk. Merrill Lynch (Hong Kong) amy.han@bofa.com

4Q: Good print on fuel and pricing but Air India weak HiroResearchNakakura,Analyst CFA >>

SIA 4Q net income of S$441mn was ahead of BofAe and consensus at S$300mn. The Merrill Lynch (Singapore) hiro.nakakura@bofa.com

beat looked driven by 4Q unit fuel costs at -14% QoQ which tracked better than one

month lagged Singapore dollar jet fuel at -5% QoQ. We suspect the difference reflects

timing issues with hedge gain benefits booked immediately while fuel costs are on a

month lag. SIA’s 4Q passenger unit revenues was ahead of BofAe (+6.5% YoY vs BofAe Stock Data

at +4.1%) but Air India was very disappointing with SIA’s Air India FY25/26 share of Price 6.27 SGD

losses at S$-945mn tracking around S$-100mn below our estimates.