SATS - CGS-CIMB Research 2022-11-10: Better Operating Leverage; Likely No Strategic Investor

• 2QFY23 (Jul to Sep 2022) revenue came in at S$429m (+14%), suggesting that SATS (SGX:S58) is benefitting from the reopening of borders. Food solutions revenue rose 13% q-o-q to S$186m while gateway revenue rose 40% q-o-q to S$189m (including the consolidationf of AAT). Flights and passengers handled in 2Q were at 62%/56% of pre-COVID-19 levels of 1HFY20.
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• Raw materials costs declined to 37.8% of food solutions revenue in 2QFY23, vs above 40% in the past quarters, on the back of better operating leverage.
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Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.

Read also CGS-CIMB's most recent report:
2024-01-15 SATS - Hopeful Of Improving Profitability Profile.

Previous report by CGS-CIMB:
2023-11-13 SATS - Focus On Cashflow After P&L Turnaround .

Price targets by 4 other brokers at SATS Target Prices.

Listing of research reports at SATS Analyst Reports.

Relevant links:
SATS Share Price History,
SATS Announcements,
SATS Dividend Payout Dates & Corporate Actions,
SATS News