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Author: kimeng   |   Latest post: Fri, 19 Jan 2018, 09:13 AM

 

SATS Limited: Entered Into a MOA With Turkish Airlines

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SATS Limited (SATS) announced yesterday that it has on 17 Oct 17 entered into a memorandum of agreement (MOA) with Turkish Airlines (THY) relating to the provision of in-flight catering services to THY and other airlines at Istanbul New Airport.

Pursuant to the MOA and subject to due diligence, SATS will invest into catering company in Turkey, which would operate one of the largest flight kitchens in the world at the airport.

This MOA is valid for a period of six months from 17 Oct 17 (unless mutually terminated earlier or extended by both parties), during which both THY and SATS are allowed to evaluate the opportunities leading up to the execution of the definitive agreements and the conclusion of the transaction.

The completion of this transaction is subject to fulfillment of certain conditions precedent, which includes securing necessary regulatory approvals and completion of satisfactory due diligence.

In our view, this MOA is in-line with SATS’ strategy to expand its network internationally, especially within Asia, and is also positive in helping SATS diversify and reduce dependence on Singapore’s aviation industry, if it is executed.

For now, we reiterate BUY on SATS with an unchanged FV of S$5.05.

Source: OCBC Research - 19 Oct 2017

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Labels: SATS

Related Stocks

Chart Stock Name Last Change Volume 
SATS 5.85 +0.06 (1.04%) 2,204,400 

Market Buzz

Date Type Subject
16-Jan-2018 Price Target SATS Ltd: Wait for Better Entry Levels
Source : OCBC, Price Call : BUY, Price Target : 5.50
Last Price : 5.85, Upside/Downside : -0.35(5.98%)
18-Jan-2018 Announcement Change - Change in Corporate Information::Incorporation of Two Wholly-Owned Subsidiaries
18-Jan-2018 Announcement Employee Stock Option/ Share Scheme::Notice of Transfer of Treasury Shares

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