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Singapore Airlines' aircraft maintenance and overhaul subsidiary, providing line/base maintenance and engine overhaul services.
Singapore Airlines' aircraft maintenance and overhaul subsidiary, providing line/base maintenance and engine overhaul services.
Charges airlines per aircraft for maintenance work, by the visit for line checks at airports and by contract for heavier base overhauls. Singapore Airlines owns most of it and is its largest customer. Engine and component overhaul sit in joint ventures with makers such as Rolls-Royce and Pratt & Whitney rather than on its own books.
In one line: Singapore Airlines' aircraft maintenance and overhaul (MRO) subsidiary.
Moat: narrow (installed base, customer qualification, regulatory licence). Long-standing SIA relationship plus aviation authority certifications for MRO work.
Headquarters: Singapore · Founded: 1992
Size SIA Engineering (S59.SI) is a Singapore Industrials company (Other Transportation) with a market value of $2.51B, the 43rd largest of 186 Singapore companies the cockpit tracks. Shares closed at S$2.85 on 6 Nov 2026.
Performance Over six months the shares fell 10.4%, against -5.6% for the median peer and -1.2% for the Singapore market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue fell 3.2% over the last twelve months (peer median +4.6%); the operating margin is 3.3% (peer median 15.7%).
Valuation It trades at 17.7× forward earnings against a peer median of 14.6× (7th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 19% a year for seven years (Req g). Recent delivered growth is +26%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.4 points below its cost of capital (5.0% WACC).
Next results Next results expected around 7 May 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | S$1.35B | S$1.42B | S$1.25B | S$1.09B | S$796M |
| Revenue growth | — | +14% | +14% | +37% | — |
| Gross profit | S$202M | S$189M | S$156M | S$140M | S$81.9M |
| EBITDA | S$117M | S$98.8M | S$79.4M | S$63.7M | S$27.3M |
| Net income | S$168M | S$169M | S$140M | S$97.1M | S$66.4M |
| Free cash flow | S$117M | S$52.2M | S$174M | S$113M | S$60.2M |
| Capital expenditure | S$44.4M | S$48.2M | S$64.4M | S$48.7M | S$59.6M |
| Total debt | n/a | S$161M | S$85.2M | S$110M | S$115M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| SIA Engineering S59.SI | $2.51B | -10% | -3% | 3% | 17.7× | 19.3% |
| Singapore Technologies Engineering S63.SI | $22.6B | -13% | +11% | 9% | 27.3× | 5.3% |
| Aar AIR | $4.39B | -7% | +22% | 9% | 18.4× | 13.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | S59.SI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.6% | +0.5% | 4th lowest of 21 |
| 6-month return | -10.4% | -5.6% | 9th lowest of 21 |
| Distance from 52-week high | -25.2% | -17.2% | 5th lowest of 21 |
| Revenue growth (TTM) | -3.2% | +4.6% | 3rd lowest of 21 |
| Operating margin | 3.3% | 15.7% | 2nd lowest of 21 |
| Forward P/E | 17.7× | 14.6× | 7th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 19.3% | -2.3% | most demanding of 16 |
| Growth delivered (Del g) | +26.3% | +6.0% | 3rd highest of 16 |
| Hurdle (Req g minus delivered) | -7.0 pp | -12.2 pp | 8th most demanding of 16 |
| ROIC minus cost of capital | -2.4 pp | +1.2 pp | 3rd lowest of 21 |
| EV / EBITDA | 24.6× | 10.0× | most expensive of 11 |
| Net debt / EBITDA | -3.0× | 1.7× | least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| SIA Engineering S59.SI | Singapore | $2.51B | -10% | -3% | 3% | 17.7× | 19.3% | +26.3% |
| Xiamen Xiangyu 600057.SS | China | $2.59B | -14% | +9% | 1% | 8.7× | n/a | n/a |
| Nagoya Railroad 9048.T | Japan | $2.38B | +8% | -2% | 5% | 11.0× | n/a | n/a |
| Qinhuangdao Port 601326.SS | China | $2.70B | -5% | +2% | 23% | 10.3× | -10.9% | +2.7% |
| Kamigumi 9364.T | Japan | $2.71B | -12% | +5% | 12% | 15.5× | -3.2% | +1.9% |
| Sankyu 9065.T | Japan | $2.76B | -9% | 0% | 7% | 12.2× | -1.1% | +3.4% |
| Sichuan Expressway 0107.HK | Hong Kong | $2.84B | -11% | +8% | 26% | 8.0× | n/a | n/a |
| Comfortdelgro C52.SI | Singapore | $2.19B | -10% | +9% | 9% | 15.0× | -8.2% | +9.3% |
| Xiamen Port Development 000905.SZ | China | $2.87B | -25% | +14% | 4% | n/a | 4.2% | +7.1% |
| Shenzhen Expressway 0548.HK | Hong Kong | $2.91B | -12% | 0% | 17% | 9.3× | 0.0% | +2.2% |
| Shenzhen Airport 000089.SZ | China | $2.08B | -5% | +5% | 17% | 14.2× | -6.4% | +11.4% |
| NANKAI 9044.T | Japan | $2.03B | 0% | +7% | 15% | 13.1× | n/a | n/a |
| Beibu Gulf Port 000582.SZ | China | $3.14B | -25% | -1% | 21% | 18.6× | n/a | n/a |
| Guangzhou Baiyun International Airport 600004.SS | China | $3.18B | -6% | +9% | 11% | 25.2× | -12.5% | +8.8% |
| ENAV ENAV.MI | Italy | $3.19B | +8% | +3% | 9% | 26.9× | 13.8% | +6.0% |
| Hutchison Port Holdings Trust NS8U.SI | Singapore | $1.96B | +7% | +5% | 42% | 15.3× | -10.5% | +1.7% |
| Westshore Terminals Investment WTE.TO | Canada | $1.90B | +16% | -16% | 33% | 26.3× | 11.9% | -2.6% |
| Tianjin Port 600717.SS | China | $1.89B | -2% | -8% | 18% | n/a | -14.6% | -1.6% |
| COSCO SHIPPING Ports 1199.HK | Hong Kong | $3.32B | +18% | +12% | 14% | 8.5× | 8.7% | +10.9% |
| Hainan Strait Shipping 002320.SZ | China | $1.88B | -34% | +4% | 23% | 70.1× | -0.5% | +36.7% |
| Japan Airport Terminal 9706.T | Japan | $3.46B | +16% | +8% | 17% | 19.2× | -2.3% | +40.7% |