Singapore stock preview: SIA, Keppel, Thai Beverage

• Singapore Airlines Ltd share price closed 1.7% on Friday (29 July 2022)
• Keppel Corp Ltd share price rallied 1.5% to kick start the week (1 August 2022)
• Thai Beverage PCL has stated that it ‘remains committed’ to BeerCo Limited’s proposed listing
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Singapore Airlines (SGX: C6L)

The Singapore Airlines (SIA) Group posted a record first-quarter FY2022/2023 operating profit of S$556 million, the second-highest quarterly operating profit in its history.

This was a S$830 million improvement from the previous year's operating loss of S$274 million.

Passenger flown revenue burgeoned 119.3% quarter-on-quarter (QoQ) to S$2.7 billion on the back of a 126.7% growth in traffic. Passenger load factor rose 34.1 percentage points to 79%, the highest since the onset of the pandemic, as the traffic growth outpaced the capacity expansion of 28.9%.

The group recorded an operating cash surplus of S$1.5 billion for the three months, a QoQ improvement of S$978 million.

Keppel Corporation (SGX: BN4)

Keppel reported an overall net profit of S$498 million for the half year ended 30 June 2022 (1H 2022).

This was an increase of 66% over the previous year, which the group attributed to profitability across all segments including the discontinued offshore and marine operations.

Excluding the discontinued operations, the group’s net profit from continuing operations in 1H 2022 was S$434 million, or 26% higher year-on-year (YoY).

The group’s revenue from continuing operations grew 16% to S$3.4 billion in 1H 2022 from S$2.9 billion in 1H 2021.

This was due mainly to a significant increase in contributions from the Energy and Environment and Asset Management segments, which ‘more than offset’ the decline in Urban Development’s revenue.

Thai Beverage (SGX: Y92)

Thai Beverage (ThaiBev) has issued a clarification on recent news published by international leading press claiming that the proposed spin-off listing of BeerCo Limited has been ‘pushed back…to September-October subject to an improvement in market conditions’.

The drinks manufacturer clarified that it ‘remains committed to pursuing the proposed spin-off listing’, adding that ‘the form, feasibility, and appropriate timing of listing is evaluated on an ongoing basis, taking into consideration all relevant factors including prevailing market conditions, and no final decision has been made as to the timing for the listing’.

‘The board of directors of ThaiBev may, notwithstanding that all requisite regulatory approvals have been obtained or will be obtained in due course, decide not to proceed with the proposed spin-off listing if, having regard to investors' interests and responses at any material time and taking into consideration any other relevant factors, the board deems it not in the interests of the shareholders of ThaiBev to proceed with the same,’ the company stated.

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