- Excluding government relief and one-off acquisition-related expenses, SATS’ 3QFY23 (Oct-Dec 2022) core net losses stood at S$2m-4m in 2QFY23. Despite some q-o-q improvement, 3QFY23 core profitability was still slightly behind our projection, due to faster-than-expected cost ramp-up in preparation of the traffic volume recovery from China.
- - Read this at SGinvestors.io -
- Maintain BUY recommendation on SATS with a target price of S$3.28.
Despite q-o-q improvement, SATS' 3QFY23 core profitability was a slight miss...
- SATS (SGX:S58) recorded a slight headline net profit of S$0.5m in 3QFY23 (3QFY22: S$5.1m), thanks to government reliefs of S$16.7m, but partly offset by one-off acquisition expense of S$11.7m related to the Worldwide Flight Services (WFS) deal – See SATS's Announcement dated 13 Feb 2023.
- - Read this at SGinvestors.io -
…due to faster-than-expected cost ramp-up in preparation of return of air traffic from China.
- Read more at SGinvestors.io.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Roy Chen CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2023-02-14
Read also UOB's most recent report:
2024-03-04 SATS - 3QFY24 Results In Line; Earnings Recovery On Track.
Previous report by UOB:
2024-01-10 SATS - Earnings Recovery To Gain Traction In 2024; Red Sea Crisis To Benefit Air Cargo.
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 Dividends & Corporate Actions,
SATS News Articles
