The flag carrier reported revenue of S$21 billion for its latest period, 2.2% above forecasts. Statutory earnings per share also beat estimates, reaching S$0.38, about 9.4% higher than expected. Yet analysts now see a more mixed path ahead for Singapore Airlines Limited, with stronger sales assumptions offset by a lower profit outlook for 2027.
Revenue beats, but profit outlook softens
The latest results were solid across the top line. Revenue reached S$21 billion, showing that demand remained resilient. Meanwhile, statutory EPS of S$0.38 suggests the airline delivered better bottom-line performance than analysts had predicted.
However, the post-results reset in consensus forecasts was not uniformly positive. Twelve analysts now expect revenue of S$21.9 billion in 2027. That implies 6.6% growth from the latest period. Before the results, they had forecast S$21.3 billion.
At the same time, earnings expectations moved sharply lower. Analysts now see statutory EPS falling to S$0.26 in 2027. That is down about 32% from the previous forecast of S$0.34. The change points to pressure on margins, or a higher cost base, even as sales expectations improve.
For investors, that split matters. Singapore Airlines earnings are still moving in the right direction on revenue. Yet the revised profit view suggests the market is becoming more cautious about how much of that revenue converts into earnings.
Valuation signals a steadier story
The consensus 12-month price target stayed unchanged at S$6.46. That is a clear signal that analysts see the latest update as broadly in line with expectations. They do not appear to expect a major rerating from these numbers alone.
The spread in individual estimates is also contained. The most bullish analyst values the shares at S$7.50. The most bearish sees S$5.50. That range suggests disagreement, but not deep division. In other words, the market is debating pace, not direction.
The latest forecasts also place Singapore Airlines close to the wider industry trend. Analysts expect the company’s revenue to grow at about the same pace as peers. That limits the case for clear outperformance. However, it also suggests the carrier remains well positioned within its sector.
For institutional investors, the message is nuanced. Singapore Airlines earnings have held up well, and revenue momentum remains intact. Yet the cut to 2027 EPS expectations shows that the next phase may be less about expansion and more about discipline. Watch whether costs stay contained, because that will shape whether the current valuation can move beyond its present range.
