External broker reports(aggregated public sources), RHB Invest

RHB Invest

RHB Investment Bank is one of the leading capital market players in Malaysia. Supported by an award-winning research team of experienced product specialists, RHB Group Investment Banking offers a full range of investment banking products and services covering primary markets, such as advisory (corporate & debt restructuring, mergers and acquisitions, takeovers), fundraising via both equity and debt instruments, and secondary markets including securities trading for both institutional and retail clients.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

RHB Investment Bank is one of the leading capital market players in Malaysia. Supported by an award-winning research team of experienced product specialists, RHB Group Investment Banking offers a full range of investment banking products and services covering primary markets, such as advisory (corporate & debt restructuring, mergers and acquisitions, takeovers), fundraising via both equity and debt instruments, and secondary markets including securities trading for both institutional and retail clients. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>SATS (SGX:S58)'s FY23 revenue grew 49.4% y-o-y, which included a full-year contribution from 65.4%-owned HK cargo handler AAT.</li><li>However, operating loss rose 12.7% y-o-y, dragged down by cost escalation (+48.1% y-o-y), S$44mil in M&amp;A expenses, and weak performances from AAT, Malaysia ground handling and Saudi Arabia cargo handling.</li><li>Net loss would be S$77.6mil if government relief were excluded.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

SATS (SGX:S58)'s FY23 revenue grew 49.4% y-o-y, which included a full-year contribution from 65.4%-owned HK cargo handler AAT.However, operating loss rose 12.7% y-o-y, dragged down by cost escalation (+48.1% y-o-y), S$44mil in M&amp;A expenses, and weak performances from AAT, Malaysia ground handling and Saudi Arabia cargo handling.Net loss would be S$77.6mil if government relief were excluded.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SATS - Acquisition Costs & Cargo Weakness Overshadow Recovery