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Transportation

Singapore Airlines Ltd.

  • 9.46 SGD
  • -0.07
  • -0.73%
  • Singapore
    Jul 18, 2019
  • Ticker
    SES(C6L)
  • Prev. close
    9.53
  • Market cap (SGD)
    11,434.57M
  • Market cap (USD)
    8,406.03M
  • Shares
    1,199.85M

Company Background

Singapore Airlines (SIA) considers itself a "premium" airline. It prides itself on quality service, differentiating itself from its fast-growing low-cost peers. Wholly owned subsidiary SilkAir flies short-haul regional routes, also providing premium services. Goh Choon Phong has been the airline operator's CEO since December 2010; he has been with Singapore Airlines since 1990. The airline began as Malayan Airways in 1947 before going independent under its current name. Singapore sovereign wealth fund Temasek Holdings owns more than 50% of the company.

SIA has stakes in two low-cost carriers. Tiger Airways Holdings was established in 2004 and now operates in Asia and Australia under the Tigerair brand. It is restructuring after posting three consecutive annual losses. Wholly owned Scoot, set up in 2011 to handle middle- to long-haul routes, is reportedly loss-making. After selling off a 49% stake in Virgin Atlantic to Delta Air Lines, SIA shifted its attention to India. Vistara, a New Delhi-based joint-venture with the Tata Group will initially fly only over India, though plans are to assign it international routes once regulatory approvals are given.

Business Summary

Singapore Airlines Ltd. engages in passenger and cargo air transportation. It operates through the following segments: Singapore Airlines, SilkAir, Budget Aviation, SIAEC, and Others. The Singapore Airlines segment provides passenger air transportation under the Singapore Airlines brand with a focus on full-service passenger serving short and long haul markets. The SilkAir segment covers passenger air transportation under the SilkAir brand with a focus on full-service passenger serving regional markets. The Budget Aviation segment provides passenger air transportation under the Scoot brand with a focus on the lowcost passenger segment. The SIAEC segment provides airframe maintenance and overhaul services, line maintenance, technical ground handling services and fleet management. The company was founded on January 28, 1972 and is headquartered in Singapore.

Financial Highlights

Mar 2019 SGDUSD
Revenue16,323.20M12,019.25M
Gross Profit1,970.50M1,450.93M
Operating income1,068.10M786.47M
Income before tax868.60M639.57M
Net income682.70M502.69M
EBITDA2,457.90M1,809.82M
Diluted EPS0.570.42
Dividends Per Share0.300.22
Total Assets30,632.80M22,615.57M
Total liabilities16,949.60M12,513.54M
Total equity13,286.80M9,809.37M
Operating cash flow2,837.80M2,089.55M
Currency in SGDCurrency in USD

Historical Data

 Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019
Revenue 15,565.50M 15,238.70M 14,868.50M 15,806.10M 16,323.20M
Gross Profit 1,608.70M 1,679.70M 1,463M 2,518.50M 1,970.50M
Operating income 938.30M 939.50M 659.40M 1,598.20M 1,068.10M
Income before tax 520M 972.40M 518.60M 1,593.20M 868.60M
Net income 367.90M 804.40M 360.40M 1,301.60M 682.70M
EBITDA 2,503M 2,515.20M 2,251.30M 2,790.70M 2,457.90M
Diluted EPS 0.31 0.68 0.30 1.09 0.57
Dividends Per Share 0.22 0.45 0.20 0.40 0.30
Total Assets 24,236.90M 24,130.60M 24,854.70M 26,021.40M 30,632.80M
Total liabilities 11,306.80M 10,997.70M 11,384.50M 12,793M 16,949.60M
Total equity 12,463.60M 12,754.70M 13,083M 12,860.30M 13,286.80M
Operating cash flow 2,209M 3,224.30M 2,693M 2,714.40M 2,837.80M
 Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019
Revenue 12,079.84M 10,990.85M 10,744.39M 11,651.49M 12,019.25M
Gross Profit 1,248.45M 1,211.47M 1,057.20M 1,856.51M 1,450.93M
Operating income 728.18M 677.61M 476.50M 1,178.11M 786.47M
Income before tax 403.55M 701.33M 374.75M 1,174.43M 639.57M
Net income 285.51M 580.17M 260.43M 959.47M 502.69M
EBITDA 1,942.49M 1,814.07M 1,626.85M 2,057.17M 1,809.82M
Diluted EPS 0.24 0.49 0.21 0.80 0.42
Dividends Per Share 0.17 0.32 0.14 0.29 0.22
Total Assets 17,669.24M 17,919.64M 17,787.66M 19,843.88M 22,615.57M
Total liabilities 8,242.91M 8,167.01M 8,147.49M 9,755.92M 12,513.54M
Total equity 9,086.24M 9,471.78M 9,363.05M 9,807.24M 9,809.37M
Operating cash flow 1,714.32M 2,325.51M 1,946.03M 2,000.92M 2,089.55M

Valuation Measures

Mar 2019
PER16.74
ROA2.41%
ROE5.22%
Operating margin6.54%
Profit margin4.18%

Key executives

  • CEO & Non-Independent Executive Director: Choon Phong Goh
  • EVP-Human Resources & Operations: Chin Hwee Ng
  • Senior Vice President-Finance: Stephen Barnes
  • Senior Vice President-Information Technology: Wei Jun Wang
  • Executive Vice President-Commercial: Swee Wah Mak

Shareholders

  • Temasek Holdings Pte Ltd. (Investment Company) (54.7%)
  • BlackRock Fund Advisors (1.6%)
  • Singapore Airlines Ltd. (1.2%)
  • The Vanguard Group, Inc. (1.1%)
  • Norges Bank Investment Management (0.8%)
  • Dimensional Fund Advisors LP (0.7%)
  • BlackRock Advisors (UK) Ltd. (0.2%)
  • Geode Capital Management LLC (0.2%)
  • Mellon Investments Corp. (0.1%)
  • BNP Paribas Asset Management France SAS (0.1%)

Contact Details

Related Companies

  • Scoot Tigerair Pte Ltd.
  • Singapore Airlines Korea
  • Singapore Airlines Ltd. (Ireland)
  • Silkair (Singapore) Pte Ltd.
  • RCMS Properties Pvt Ltd.
  • Singapore Aviation & General Insurance Co. Pte Ltd.
  • Singapore Airlines Ltd. Sucursal en Espana
  • Singapore Airlines Cargo Pte Ltd. (California)
  • Singapore Airlines Cargo Pte Ltd.
  • Tiger Airways Holdings Pte Ltd.
  • SIA Properties Pte Ltd.
  • SIA Engineering Co. Ltd.

Competitors

  • PT Garuda Indonesia (Persero) Tbk Class B
  • China Southern Airlines Company Limited Class H
  • Thai Airways International Public Co. Ltd.
  • Norwegian Air Shuttle ASA
  • Cebu Air Inc.
  • China Airlines Ltd.
  • PAL Holdings, Inc.
  • MakeMyTrip Ltd.
  • JG Summit Holdings Inc.
  • Asia Aviation Public Co., Ltd.
  • Spring Airlines Co., Ltd. Class A
  • Nippon Yusen Kabushiki Kaisha
Last Updated on 18 Jul, 2019

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