Singapore Airlines (SG:C6L) stands as Singapore’s premier airline and is globally recognized as one of the top-ranking airlines. After getting hit by the pandemic, the company’s shares have recovered and have gained 97% over the last three years. YTD, the stock has been trading up by 41%.
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The airlines reported heavy profits in 2023 after witnessing unusual demand driven by the revival of air travel in Asia. As borders reopened, demand for air travel surged, leading to substantial growth in revenue, operating profit, and passenger load factor for the airlines. Impressively, the company achieved an all-time high passenger load factor of 85.4% in 2023, representing a remarkable 55.3% increase.
Analysts believe the recent rally in the share price has already factored in strong fundamentals and advantageous fuel prices.
New Rating
Three days ago, Divya Gangahar from Morgan Stanley upgraded her rating on the stock from Hold to Buy. She also raised her price target from S$6.25 to S$7.3, predicting a downside of 6% in its share price.
Gangahar commented, “Our bull case assumes cargo yields stabilize at current levels and costs remain well controlled, driving operating leverage and earnings growth of 15% in FY24.”
Singapore Airlines Stock Forecast
According to TipRanks’ analyst consensus, C6L stock has a Moderate Buy rating. The company has a total of seven ratings, including four Buy and three Hold recommendations.
The average price target is S$6.80, which is12.5% lower than the current price level.
Is OCBC a Buy or Sell?
Overseas-Chinese Banking Corporation, or OCBC Bank, is among the leading financial institutions in Singapore.
Recently, Moody’s expressed its optimism about the bank and expects it to maintain its robust and relatively stable solvency and liquidity positions until 2024. It also cautions that margin compression is likely to commence in early 2024.
10 days ago, Glenn Thum from Phillip Securities reiterated his Buy rating on the stock, forecasting an 18% upside in the share.
Overall, O39 stock carries a Moderate Buy rating on TipRanks based on five Buy, six Hold, and one Sell recommendations. The average price is S$13.87, which is 9.6% above the current trading level.
