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/.
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