SG : SATS Ltd - Not a sitting duck

SATS turned in a net profit of S$0.8m in 4Q21 vs. our expected S$11m net loss. FY21 core net loss of S$7m is narrower than our expected S$26m. Higher-than-expected non-aviation revenue, lower staff costs from government relief and share of MI helped the performance. We see buying opportunity on recent share price dip as Singapore regressed to Phase 2. Border reopening is a catalyst. DCF TP unchanged at S$4.30.

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