SIA’s operating profit came in at S$106 million, plunging 73.8 per cent year on year, significantly missing DBS’ estimate of S$244 million and consensus estimates of around S$282 million. DBS expects a negative share price reaction, arguing the stock had already priced in a stronger operating performance. This drove strong load factors and yields on long-haul routes before the lagged impact of fuel price increases fully materialised. As for SIA’s share price, brokerages kept their targets relatively steady, though they cautioned against stretched valuations. OCBC said SIA’s share price had outpaced fundamentals, trading at a forward price-to-book ratio well above its historical average.