SATS - DBS Research 2023-11-15: Onto The Next Stage Of Growth

SATS - Onto The Next Stage Of Growth

SATS (SGX:S58) | SGinvestors.ioSATS (SGX:S58)
  • SATS (SGX:S58) reported group (SATS + WFS) 2QFY24 EBITDA of S$194.4m (+23% q-o-q, +460% y-o-y), with 1HFY24 EBITDA of S$352.6m, accounting for ~45% of the street’s full-year estimate. The group is tracking well against estimates, as we anticipate continued recovery throughout FY24F, especially with the peak cargo and travel (for SATS) season approaching in 2HFY24.
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2QFY24 results in line with expectations, with turnaround in cargo segment driving growth.

  • Group revenue of S$2,480.6m (+7.0% q-o-q, +198.8% y-o-y) in 1HFY24 was also aligned with our expectations, representing 48.8% of our full-year estimate.
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  • Despite a sluggish air cargo market, the group (SATS + WFS) achieved a 5.8% q-o-q increase in cargo tonnage, compensating for lower volumes from existing customers by securing new contracts and expanding market share across various stations.

Operating margins strengthened significantly on increased economies of scale and turnaround in cargo segment.

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Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @

Jason SUM CFA DBS Group Research | 2023-11-15

Previous report by DBS:
2023-08-16 SATS - Recovery & Integration On-Track; 1QFY24 Met Expectations..

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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