Singapore Stock Market News
SATS Ltd - Cruise carnival
StockFanatic
Publish date: Fri, 27 Sep 2013, 10:54 AM
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SATS's acquisition of Singapore Cruise Centre is an earnings-accretive move at about 7x FY13 P/E. Also it has made SATS the monopoly cruise operator in Singapore.
We raise our EPS estimates by about
2-3% for FY15-16 to incorporate the
acquisition. We maintain Outperform,
but raise the target price to S$3.59,
which is still based on 17.7x CY14 P/E
or +1 s.d. of its 5-year mean. With the
acquisition, we believe the dividend
payout may remain at about 80%
(FY13: 90%, FY12: 159%). But this
should result in an attractive dividend
yield of c5%. Higher growth at Changi
Airport is a potential catalyst.
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