Strong greenback not a boon for struggling SIA Engineering, says UOB Kay Hian

Although 40% of its revenue is USD-based.

The strong US dollar will not provide SIA Engineering its much-needed profit boon, UOB Kay Hian stated in a report.

UOB Kay Hian noted that while 40% of SIAEC’s revenue is USD-based, competitive pressures from other Asian maintenance, repair, and operations (MRO) providers will continue to squeeze the company’s profits.

“Hence, every 5% increase in USD will result in a 2% rise in revenue. As costs are SGD-based, the increase will flow through to bottom-line. However, we think is not reason enough to be positive as SIAEC is facing competitive pressures from other Asian MROs whose currencies have also depreciated against the USD. SIA’s fuel and leasing costs increases will be offset by USD revenue,” the report stated.

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