SATS - DBS Research 2024-06-04: Outperformance Across All Metrics

SATS - Outperformance Across All Metrics

SATS (SGX:S58) | SGinvestors.ioSATS (SGX:S58)
  • SATS (SGX:S58) reported 4QFY24 net profit of S$32.7mil, marking a 3.8% q-o-q improvement despite 4QFY24 being a seasonally slower period.

4QFY24 was a solid beat across the board

  • SATS's FY24 full-year net profit amounted to S$56.4mil, beating the street’s expectation by approximately 14%, largely driven by stronger-than-anticipated operating margins from economies of scale and contributions from associates/JVs. Core net profit, excluding WFS integration costs and one-off impairments on some legacy businesses, was S$47.3mil in 4QFY24, representing an impressive 48.7% increase on a sequential basis.
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Dividend reinstatement was a surprise

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  • Having finally returned to profitability without government reliefs, SATS declared a final dividend per share of 1.5 cents representing a payout ratio of ~40%, signalling management’s confidence in sustained business improvement. See SATS's dividend dates.

Business momentum continues to be robust amid travel recovery and a rebound in global cargo volumes.

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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 | 2024-06-04

Previous report by DBS:
2024-04-01 SATS - Earnings Growth To Accelerate From FY25F.

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


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