North Asia's crisis may have significant implications for it...

North Asia's crisis may have significant implications for its banking sector, thereby affecting Singapore's economy and eventually SIA's operating revenue.

A decline in property values can lead to a rise in non-performing loans, potentially destabilizing the banking system.

This may post a serious thread to the Singapore economy. As you can see, Resort World Sentosa is already experiencing a drop in tourist arrival from North Asia, resulting in GRA reducing RWS' casino employees license to only 2 years instead of the usual 3 years. Marina Bay Sands could be the next target, followed by SIA.

There are several channels through which the crisis can spread:

Trade links : Singapore is a significant trading partner with North Asia, and a slowdown in North Asia's economy could lead to a reduced in demand for Singapore's exports.

Financial links : Singaporean banks have significant exposure to the North Asia real estate market, and a crisis could lead to losses for both North Asia and Singapore banks. Therefore, I won't dare to touch our local 3 big banks. Maybe I am wrong.

Investment links : Singapore is also a popular destination for North Asia investment, and a crisis in North Asia could lead to reduced investment flow to Singapore.

Hopefully, North Asia can recover quickly next year, thereby saving Singapore economy as well as SIA. Else, we may go down together with North Asia.

Just my analysis, remember I may be wrong in my analysis.