- 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.
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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).
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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.
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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 @ 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:
2024-08-22 SATS - 1QFY25 Results A Solid Beat; Expect Strong Earnings Momentum To Sustain.
Previous report by UOB:
2024-05-31 SATS - FY24 Beat Expectations; Earnings Recovery To Accelerate In FY25.
Price targets by 2 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