Singapore Airlines will likely see choppy earnings in the near term, DBS Group Research analysts write in a note. Continued pressure on passenger yields amid higher competition and rising costs will weigh on profits, DBS says. SIA's financial performance may have peaked in FY 2024, given capacity has been restored to about 99% of prepandemic levels. Operating margins will likely continue eroding due to pricing woes and sticky costs. These may improve only in FY 2027, DBS says. DBS trims its FY 2025 and 2026 core net profit estimates by 9% and 12%, respectively. The bank retains a hold rating but reduces its target price to S$6.00 from S$6.40. Shares are 1.0% lower at S$6.22. (kimberley.kao@wsj.com)