Singapore Stock Market News
SATS Ltd - Cruise control
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Publish date: Fri, 17 May 2013, 06:08 PM
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SATS wrapped up FY13 on a pleasant note, not only reporting
stronger-than-expected profits but also dishing out
higher-than-expected dividends.
FY13 core net profit surpassed Street
and our expectations by 8% on the
back of margin strength. We fine-tune
our FY14-15 EPS by less than 1% and
raise our target price (still at 16.8x
CY14 P/E, 1SD above its 8-year mean)
marginally. Maintain Outperform
with re-rating catalysts to come from
growth in Changi Airport's passenger
traffic.
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