Industry Overview - Tourism in Singapore has rebounded strongly, with hotels and airlines experiencing increased demand and profitability surpassing pre-pandemic levels [1] - The recovery is part of a broader trend across Asia's tourism markets, indicating sustained growth in travel demand [1] Singapore Airlines (SGX: C6L) - Singapore Airlines reported revenue of S$9.7 billion for the first half of the fiscal year ending 31 March 2026, reflecting a year-on-year increase of 1.9% [3] - Profit attributable to shareholders fell nearly 68% year-on-year to S$238.5 million, primarily due to losses from Air India, which resulted in a S$417 million reduction in share of results from associated companies [4] - Passenger demand remained strong, with 20.8 million passengers carried, an 8% increase year-on-year, and a load factor improvement of 1.3 percentage points to 87.7% [4] - The airline declared an interim dividend of S$0.05 per share and a special dividend of S$0.03 per share, totaling S$0.08 compared to S$0.10 a year ago, with shares offering a trailing dividend yield of around 6% at S$6.36 [5] SATS Ltd (SGX: S58) - SATS reported revenue of S$3.1 billion for the first half of the fiscal year ending 31 March 2026, up 9.1% year-on-year [6] - Profit attributable to shareholders increased by 11.2% year-on-year to nearly S$150 million, with free cash flow surging 79.4% to around S$233 million [7] - The operating profit margin expanded from 8.5% to 9.2%, driven by volume growth and operational efficiency [7] - SATS secured new customer contracts with Emirates SkyCargo and Turkish Airlines, and declared an interim dividend of S$0.02 per share, up 33.3% from S$0.015 a year ago, with shares offering a trailing dividend yield of around 1.4% at S$3.82 [8] ComfortDelGro Corporation (SGX: C52) - ComfortDelGro reported revenue of S$3.75 billion for the nine months ended 30 September 2025, a 13.9% year-on-year increase [9] - Profit attributable to shareholders rose 15.4% year-on-year to S$176.4 million, driven by UK bus contract renewals and contributions from acquisitions [9] - Overseas revenue now exceeds 55% of group revenue, with new operations in Stockholm and prequalification for Copenhagen Metro operations [10] - Shares offer a trailing dividend yield of around 5.6% at S$1.47 [10] Investment Insights - The tourism recovery offers various investment opportunities based on risk appetite, with Singapore Airlines providing direct exposure to air travel but facing challenges from Air India losses [11] - SATS presents a steadier investment option, benefiting from rising travel volumes without the volatility of airline operations [11] - ComfortDelGro, with diversified operations and the highest yield among the three, offers defensive exposure to tourism-related spending [12]