Brokers’ Take: Analysts Cut Targets on SATS As Near-Term Cost Pressures Weigh

The Business Times2022-07-25

ANALYSTS on Monday (Jul 25) cut their target prices on SATS after the inflight caterer’s first-quarter results missed expectations.Teams from CGS-CIMB and DBS Group Research warned of potential near-...

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SATS was trading 1.5 percent or S$0.06 lower at the time.On Friday, the mainboard-listed company posted a net loss of S$22.5 million for the quarter ended June due to lower government grants and increased costs. Excluding government reliefs, losses for Q1 2023 would have stood at S$31.9 million, versus a net loss of S$35.6 million in Q1 2022.The results missed CGS-CIMB’s net profit estimates as rises in operating costs outpaced revenue recovery. That being said, SATS’ revenue was in line at 20.4 percent of the research team’s FY2023 estimates.For DBS, SATS’ Q1 2023 results were “slightly below” expectation amid mounting cost pressures. The research team noted that operating margins improved sequentially in the quarter, but will require more time to turn positive.Both research teams have cut their earnings estimates after factoring in cost headwinds. CGS-CIMB slashed its FY2023 earnings per share estimates by 64.4 percent, while DBS lowered its FY2023 net profit estimates by 34.1 percent.However, DBS raised its FY2023 revenue projection by 3.8 percent to “reflect a more pronounced recovery” in travel-related revenue. 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