SATS May Be Weighed by Cost Pressures -- Market Talk

Dow Jones2022-06-03

0307 GMT - SATS Ltd.'s financial performance may be weighed by higher labor costs and rising food-ingredient prices over the next two quarters, UOB Kay Hian analyst Roy Chen says in a research note, citing management's guidance. The Singapore-listed food and gateway services provider's workforce ramp-up ahead of its business recovery is also expected to create some mismatch between revenue and costs, the analyst says. The brokerage cuts its FY 2023 and FY 2024 core net profit forecasts for SATS by 54% and 15%, respectively, and lowers the stock's target price to S$4.75 from S$4.85 with an unchanged buy rating. Shares are 0.5% lower at S$4.12. (ronnie.harui@wsj.com)

$(END)$ Dow Jones Newswires

June 02, 2022 23:07 ET (03:07 GMT)

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