To The Moon

✈️ SIA Crashes 59% 📉— But Revenue Rises?

SG Earnings Season Begins with a Shock. Who’s Next?

Singapore Airlines ($C6L.SI) just dropped a stunner.

Q1 net profit plunged 59% to S$186M, even as revenue climbed. 🤯

With Keppel, Seatrium, First REIT, and OCBC reporting soon, many are asking:

👉 Is this the start of a broader slowdown — or just a post-pandemic reset?

Let’s unpack what this means for SGX investors heading into a loaded earnings week.

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💼 SIA Earnings Breakdown: Profits Dive, But Planes Stay Full

Despite full flights and rising passenger demand, $C6L.SI posted a 59% drop in net profit, down to S$186M in Q1 FY25.

Yet, revenue rose 5.9% to S$4.79B. So what went wrong?

📉 Losses from Air India-Vistara JV dented earnings

💸 Lower interest income vs last year’s strong cash balances

📦 Weakness in cargo demand added pressure

Passenger load factors remained high, but yields are flattening.

👉 The surprise: strong top-line, weak bottom-line — a reversal from pandemic trends.

Now investors are asking: What does this signal for SGX-listed blue chips?

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🔍 What’s Coming Up This Week

This week, we’ll get earnings from major SGX names — all with different exposure to macro cycles.

Here’s what to watch:

$KPLM.SI (Keppel Ltd): Infra + energy exposure; stable earnings base.

↳ Keppel DC just beat estimates — will the parent follow suit?

$5E2.SI (Seatrium): Up +17.8% YTD, fueled by offshore & marine optimism.

↳ Will it maintain its momentum or face margin pressure from costs?

$AW9U.SI (First REIT): Indonesia-heavy portfolio + exposure to healthcare.

↳ Could surprise on FX gains — but yields are under pressure.

$O39.SI (OCBC): Reliable dividend and strong capital base.

↳ With UOB already flagging flat NIMs, can OCBC outperform on fee income?

👉 With $C6L.SI's result setting a cautious tone, earnings reactions this week could reset SG market sentiment.

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📈 Big Picture: Is SG Market Peaking or Rotating?

Zooming out, some broader themes are at play:

💸 Interest rates remain sticky — pressuring REIT yields and loan growth

🏦 Banks may face NIM compression as central banks near peak tightening

🛠️ Infra & O&M names like Keppel, Seatrium may benefit from regional capex

Meanwhile, China’s demand recovery remains patchy, affecting regional trade and logistics plays.

So while $C6L.SI may reflect airline-specific headwinds, it also hints at a possible earnings deceleration trend — especially in high-beta sectors.

Is this a rotation into defensives, or a warning sign for Q3?

🧠 Retail Watchlist: Who’s Still Worth Holding?

For Singapore retail investors, the next two weeks could clarify which stocks still have legs.

Some key names to relook:

Seatrium ($Seatrium Ltd(5E2.SI)$  ) → Strong price action, but can it deliver the EPS to match?

OCBC ($ocbc bank(O39.SI)$  ) → Steady dividend, fortress balance sheet, defensive in volatile rates

Keppel Ltd ($Keppel DC Reit A(X1JU.SI)$  ) → Riding the long-term infra and energy transition wave

Still holding? Rotate out? Buy on dip?

👉 This could be a moment to rebalance portfolios — especially for those overweight on rate-sensitive names like REITs or transport.

💬 Where Are You Positioning This Earnings Season?

👉 Is $C6L.SI’s plunge just turbulence — or the start of earnings compression for SGX?

📉 Will Seatrium hold its 17% YTD gain, or cool off post-results?

🤔 Can OCBC surprise to the upside — and anchor your portfolio this August?

💬 Drop your SGX watchlist picks below — or tell us what you’re avoiding!

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> Disclaimer: This is not financial advice. For informational and educational purposes only.

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