SATS (SGX:S58) reported 3Q24 net profit of S$31.5mil, which included S$3.1mil profit from WFS. The 9M24 net profit of S$23.7mil is in line with our FY24e estimates of S$66mil, before an estimated S$30mil amortization of intangible assets. The amount will be finalized in March 2024. Only limited financial information was provided in the 3Q24 update.
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Looking ahead, growth will be led by overseas operations in China, India and Indonesia, and lower interest costs through refinancing of debt. Net debt was flat q-o-q at S$2.2bn, and net gearing was 0.9x.
The Positives
Net profit improved
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Associates’ contributions improved, led mainly by India, Hong Kong, and Frankfurt.
The Negatives
3Q24 EBIT margin of 8.8% is still below the mid-teens level during pre-pandemic.
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Above is an excerpt from a report by Phillip Securities Research. Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.
