SIA Engineering’s associates are leading the recovery, says CGS-CIMB Research analyst Lim Siew Khee, reporting a positive surprise in 1QFY2022 with $14.5 million in net profit. 

In a July 23 note, Lim is maintaining “add” on the company, with an unchanged target price of $2.85, which represents an upside of 36.9%. 

SIA Engineering’s (SIE) 1QFY3/2022 revenue of $125.3 million, up 9% q-o-q and up 6% y-o-y, was driven by higher flight activities, with group operating expenses at $128 million, down 7% q-o-q but up 13% y-o-y and an operating loss of $2.9 million, compared to an operating loss of $1.1 million in 4QFY2021. 

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