J P M O R G A N Asia Pacific Equity Research 21 July 2026 Singapore Airlines Outperformance priced in; downgrade to Neutral – 1Q FY26/27 preview We are downgrading SIA to Neutral after a period of sustained outperformance, with the stock now up c.17% since the start of April and outperforming the Straits Times Index by c.6ppt. SIA has reached our price target, validating our earlier non- consensus Overweight stance. The rally has been underpinned by market share gains achieved on the back of SIA's robust op ...