SATS - UOB Kay Hian 2023-06-01: Key Takeaways From Investor Conference After FY23 Results

• 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 an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2025-04-09 SATS - Hard To Be Bullish At This Juncture; Downgrade To HOLD. .

Previous report by UOB:
2025-02-24 SATS - 3QFY25 Results A Slight Miss; Expect Some Uncertainties For Cargo In FY26.

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 Dividend Payout Dates & Corporate Actions,
SATS News