- 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.
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- 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.
