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Analysts mixed on SIAEC after FY2022 results; DBS downgrades to 'hold'

Felicia Tan
Felicia Tan5/9/2022 5:40 PM GMT+08  • 6 min read
Analysts mixed on SIAEC after FY2022 results; DBS downgrades to 'hold'
Analysts from CGS-CIMB and UOB Kay Hian have kept 'buy' on the counter. Photo: SIAEC
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Analysts are mixed on SIA Engineering Company (SIAEC) after the company released its figures for the FY2022 ended March on May 5.

DBS Group Research analysts Suvro Sarkar and Jason Sum have downgraded their recommendation to “hold” from “buy” as they see SIAEC’s core profitability being “still some way away”.

“While flight traffic at Singapore Changi Airport, the main base for SIAEC’s line maintenance operations, continues to improve, it is still only at [around] 40% of pre-pandemic levels and thus, core earnings turnaround is at least a couple of quarters away,” the analysts write in their May 9 report.

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