---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/100000000928635.md"
description: "$SBS Transit(S61.SG)Oil above US$100 is exposing a big difference between Singapore’s transport plays: SIA, SATS and SBS Transit may all face higher energy costs, but the earnings impact is far from equal.SIA is taking the hardest hit. FY2026 revenue rose 5% to S$20.5bn and operating profit jumped 39% to S$2.4bn, but the latest quarter shows how quickly oil can change the picture. Net fuel costs surged 78.5% to S$2.25bn, pushing operating profit down 73.8% and the group into a S$76m loss. Its passenger breakeven load factor has also climbed to 87.9%. At S$6.65, the stock trades at about 17x earnings, while RSI near 31 suggests it is approaching oversold territory.SATS looks more resilient. FY2026 revenue reached a record S$6.35bn, PATMI rose 17% to S$285m and free cash flow turned positive at S$216m. Oil hurts indirectly through airline and cargo volumes rather than directly through jet fuel. At S$3.83, valuation is around 20x earnings, while RSI near 32 and the price below its 50- and 200-day averages point to near-term pressure.SBS Transit has the strongest structural protection. Its Bus Contracting Model largely passes diesel costs through to LTA. 1H FY2026 revenue rose 5.3%, while operating profit slipped just 0.3%. At S$3.70, it trades around 19x earnings, with the share price above its 50- and 200-day averages.For dividend investors, my view is to prioritise cash-flow resilience over headline yield. SIA’s dividend is more cyclical, while SATS offers improving cash generation. SBS Transit appears best positioned to weather sustained oil inflation.The key defence is diversification: don’t let one fuel-sensitive business become the foundation of the income portfolio."
datetime: "2026-10-08T01:05:57.000Z"
locales:
  - [en](https://longbridge.com/en/topics/100000000928635.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/100000000928635.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/100000000928635.md)
author: "[FaithAnchor](https://longbridge.com/en/profiles/24833348.md)"
generator: "portal-rs"
---

# $SBS Transit(S61.SG)Oil above US$100 is exposing a…


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## Comments (1)

- **Fattycat · 2026-10-08T02:11:43.000Z · 👍 1**: I prefer to avoid these 3 counters. 😁, especially SIA.


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**