• 2H26/FY26 PATMI declined 53.6%/57.4% YoY to S$945mn/S$1,184mn, forming 97%/78% of our FY26e estimates. Associate losses weighed on earnings, with full-year Air India losses at S$828.5mn.
• 2H26 operating profit surged 72% YoY to S$1,572mn, due to i) stronger passenger yield (up 3.8% YoY) and larger traffic growth (up 4.7% YoY), and ii) a S$178mn YoY decline in net fuel cost, as fuel hedging led to a S$218mn hedging gain in 2H26.
• We maintain NEUTRAL with lower TP of S$6.43 (prev: S$7.00). The P/B multiple has been reduced from 1.3x to 1.1x to reflect heightened sector risk following the US-Iran conflict, and fuel costs for FY27e have been increased to account for cheaper hedges rolling off. SIA's strong balance sheet and its special dividend policy through FY28 provide downside support.

Overview BLOKS is a leader in China’s assembly character toys market. The company holds over 500 patents, possesses original IP capabilities, and has non-exclusive licenses for approximately 50 well-known IPs. Its product positioning is “high quality at a reasonable price.” Leveraging its product strength and supply chain advantages, BLOKS maintains cost competitiveness while continuously expanding its product categories. The company has established a multi-channel sales network, and since 2022, has primarily focused on offline channels centered on distributors. According to...
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Company Profile Geely is one of the leading enterprises in China's self-brand passenger vehicles manufacturers. The Company's products include six major brands: Geely, Lynk, Zeekr, covering the A0 to C-class passenger vehicles market. Investment Summary 26Q1 Sales Remained Largely Flat, with Premiumisation Strategy Showing Bright Spots In the first quarter of 2026, Geely Auto delivered a cumulative 709.4 thousand vehicles, up 0.8% yoy, setting a new record high for the same period in history and regaining the top position among...
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