- At SATS’s investor conference after its FY23 full-year results on 31 May 23, investors’ questions were mainly centred on its 4QFY23 performance (profit recovery missed our expectations), cost pressure, air cargo outlook and accounting impact of WFS.
- - Read this at SGinvestors.io -
- Maintain BUY and target price of S$3.02.
SATS's FY23 results a slight miss.
- SATS released its FY23 full-year results on 29 May 23. Reported net losses of S$26.5m were a slight miss from our forecasted net losses of S$20m.
- - Read this at SGinvestors.io -
- Excluding government reliefs, operating loss widened q-o-q to S$24.3m in 4QFY23 (3QFY23: S$17.8m) due to higher operating cost q-o-q against a largely flat revenue q-o-q.
- Excluding all non-recurring items such as government reliefs (S$19.7m), M&A costs (S$14.7m) related to the Worldwide Fight Services (WFS) acquisition and gains from disposal of PPE (about S$10m by our estimate), SATS’s 4QFY23 core net losses would have been about S$5m (3QFY23: S$2m-3m loss).
SATS investor conference.
- 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/ 2023-06-01
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 3 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
