Singapore Airlines' core profitability could continue moderating over FY 2025-2026 as passenger and cargo yields remain pressured, UOB Kay Hian's Roy Chen says in research report. SIA's passenger and cargo yields fell notably on year in 2Q FY 2025 due to higher capacity as regional competitors recover or add capacity, the analyst notes. SIA's operating costs in 2Q were also higher than expected, amplified by high operating leverage. The brokerage lowers its net profit forecasts for SIA by 9% for FY 2025, 7% for FY 2026, and 1% for FY 2027. It trims the stock's target price to S$5.72 from S$5.83 and maintains a sell rating. Shares are 0.5% higher at S$6.25. (ronnie.harui@wsj.com)
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