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

SATS - Key Takeaways From Investor Conference After FY23 Results

SATS (SGX:S58) | SGinvestors.ioSATS (SGX:S58)
  • 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.
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  • 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.
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  • 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.

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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 @

Roy Chen CFA UOB Kay Hian Research | 2023-06-01

Read also UOB's most recent report:
2023-08-16 SATS - 1QFY24 Core Performance In Line; Focusing On Integration & Synergy Delivery.

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


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