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.
- 1 Macro Analysis/Global G7 reiterates support for SDR allocation and seeks to boost its impact
- 2 Strategy Note/Global G7's 'Build Back Better World' is not an answer to China's Belt and Road
- 3 Strategy Note/Vietnam Vietnam: The best emerging market is still spoilt by foreign ownership limits
- 4 Macro Analysis/Pakistan Pakistan's FY22 Federal Budget – Serious push on growth
- 5 Strategy Note/Global Egypt's military spend is not securing the Nile in its dispute with Ethiopia
This publication is being distributed by Tellimer solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not con...