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21-12-2020, 10:51 PM
SQ
Further to the Previous Announcements, the Company would like to announce that a further S$0.9 billion, approximately, out of the gross proceeds of S$8.8 billion raised from the Rights Issue has been utilised between 14 October 2020 and 13 December 2020
The cumulative use of proceeds is approximately S$7.1 billion for the period between 8 June 2020 and 13 December 2020.
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05-02-2021, 08:24 AM
SQ 3Q result
https://links.sgx.com/FileOpen/bu-q3fy20...eID=647321
Group expenditure was down $2,624 million (-65.2%) from last year to $1,398 million. Non-fuel expenditure fell significantly year-on-year, by $1,540 million (-54.7%), on the back of cost-saving initiatives such as capacity cuts and staff-related measures, as well as government support schemes. Net fuel cost declined $933 million (-77.3%) to $274 million as capacity cuts and lower fuel prices reduced fuel cost before hedging. A net gain of $63 million was recorded for the quarter in relation to fuel hedging and fuel derivatives, comprising fuel hedging losses of $88 million, a fuel hedging ineffectiveness loss of $36 million (arising from a further downward revision to the recovery trajectory) and fair value gains of $187 million on fuel derivatives that had earlier been deemed to be ineffective hedges.
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It is interesting how the market values of SIA, SIAEC, and SATs have regained most/all of their previous year losses, even as the pandemic continues to demonstrate resilience in the face of vaccination.
It could be another year, or possibly longer, before leisure travel can resume with confidence.
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(18-04-2021, 12:04 PM)karlmarx Wrote: It is interesting how the market values of SIA, SIAEC, and SATs have regained most/all of their previous year losses, even as the pandemic continues to demonstrate resilience in the face of vaccination.
It could be another year, or possibly longer, before leisure travel can resume with confidence.
Ain't markets almost always forward looking (~6 to 12 months on average) to what is the most obvious?
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19-04-2021, 10:51 AM
(This post was last modified: 19-04-2021, 10:52 AM by Big Toe.)
Even before the pandemic, SIA business is less than great, it fact it is lousy. It did ok only on 2 occasions,
i) when there were far fewer competitors long long long ago
ii) when oil prices were extremely low
Travel will resume for sure but the future earnings for the next decade may or may not be able to cover the current hole.
Unless other airlines decides to call it a day and they can make meaningful profits with the increased demand and that oil prices are not too high. All in, it is a very uncertain future. As many airlines are national carriers and can be considered an essential part of a country, governments will bail them out if they can afford to. A drastic permanent drop in supply is unlikely. So a recovery in demand does not automatically translate to good business. It may well improve from extremely bad to bad.
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21-05-2021, 08:06 AM
SQ@4.76
The Company proposes to undertake a renounceable rights issue of Mandatory Convertible Bonds (MCBs) to raise, in aggregate, gross proceeds up to approximately S$6.2 billion.
Ex Date: 27/5/2021
Record Date: 28/5/2021
Singapore Airlines Chairman Peter Seah said:
“Since 1 April 2020, we have raised S$15.4 billion in fresh liquidity that has given us a strong foundation as we navigated the challenges posed by the Covid-19 pandemic with the support of our stakeholders.
“However, this crisis is not over. While the growing pace of vaccinations has given us hope, new waves of infections around the world mean that restrictions on international travel largely remain in place. The SIA Group has grown its passenger capacity and resumed selected services in a safe and calibrated manner, but industry bodies forecast that air traffic is not expected to recover to pre-Covid-19 levels until 2024."
https://links.sgx.com/FileOpen/News%20Re...eID=667222
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Those who took the rights issue would have done ok. And Temasek will continue to backstop and depending how long this COVID last, will determine the stake of Temasek
At least it's a fair market driven "nationalisation" unlike in the words of US taking over Fannie Mae or Freddie Mac it is conservatorship
(02-06-2020, 11:11 AM)specuvestor Wrote: If we look at the Structure (of A-B-S) we will be able to conclude. Obviously the directors know that as well.
But I guess they shouldn't use the word "beneficial"... maybe "give shareholders opportunity to participate pro-rata" as per Temasek...
(16-05-2020, 08:35 PM)specuvestor Wrote: MCB is not for investors. It’s to signal to investors and business partners Temasek is backstopping
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward
Think Asset-Business-Structure (ABS)
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01-06-2021, 08:53 AM
SQ fuel hedges
Recent increases in fuel price will also lead to lower losses or even gains on settlement of fuel hedges, thus helping to reduce cash burn further.
Since the beginning of the Covid-19 pandemic crisis, our monthly operating cash burn has dropped to current levels of around S$100 million – S$150 million per month, from around S$350 million at the start of the pandemic. We will continue to pursue reduction in cash burn through revenue generation (for example, strong cargo revenue and gradual improvement in passenger flown revenue through more flying activities).
https://links.sgx.com/FileOpen/Response%...eID=669689
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One interesting point is that in case one is holding SIA shares through CPF, one can only subscribe to the rights through Cash and not through CPF (I just found out from a DBS SMS).
Looking at the shareholding structure of SIA, DBS Nominees (4th largest shareholder, has 6.5% stake) looks likely to be the shareholder for CPF as well as SRS as its business is Trustee, Fiduciary and Custody services, though how much is CPF funds in that 6.5% stake cannot be found out.
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