SATS - UOB Kay Hian 2024-03-04: 3QFY24 Results In Line; Earnings Recovery On Track

SATS - 3QFY24 Results In Line; Earnings Recovery On Track

Published:
SATS (SGX:S58) | SGinvestors.ioSATS (SGX:S58)
  • SATS’ 3QFY24 headline net profit of S$31.5m (+42.5% q-o-q) was within our guided range of S$25m-35m. Excluding a sizeable forex loss, 3QFY24 earnings would have been at close to S$40m, beating our forecasted range.
  • - Read this at SGinvestors.io -

3QFY24 headline net profit in line.

  • SATS (SGX:S58)’s 3QFY24 headline net profit of S$31.5m was within our guided range of S$25m-35m. Revenue rose 6.5% q-o-q to S$1.37b, on the back of higher revenue from both food solutions (S$295m, +6.8% q-o-q) and gateway services (S$1.07b, +6.4% q-o-q).
  • - Read this at SGinvestors.io -

Significant q-o-q core earnings improvement masked by forex gains/losses.

  • Note that core net profit reported by SATS has yet to adjust for the forex gains/losses, which had sizeable impacts in both 2QFY24 and 3QFY24.
  • SATS’ 3QFY24 earnings was dragged by a forex loss of high single-digit millions (in Singapore Dollars), while 2QFY24 earnings was helped by a forex gain of similar sizes. Excluding these forex gains/losses, SATS’ 3QFY24 core earnings would be close to S$40m, a substantial improvement from 2QFY24 core earnings of about S$6m.

Strong JV/associate profits.

  • 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/.



Roy Chen CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-03-04



Read also UOB's most recent report:
2025-05-26 SATS - FY25 Core Profit A Slight Beat; Still Aiming For Cargo Volume Growth In FY26.

Previous report by UOB:
2025-04-09 SATS - Hard To Be Bullish At This Juncture; Downgrade To HOLD. .

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






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