Key Indices
Top Stories
Company Results | SATS (SATS SP/BUY/S$4.12/Target: S$5.00)
- Reported net profit rose 6.0% yoy to S$75.1m; excluding one-off JV/associate provisions, core net profit would have been S$80m, in line with our forecast. Business fundamentals remained strong, with revenue up 11.3% yoy on upbeat volume growth across all business lines. Margin pressure may persist for another 1-2 quarters, but we view the drivers behind as temporary in nature. Maintain BUY with an unchanged S$5.00 target price; yesterday’s sharp sell-off presents a good buying opportunity.
Market Spotlight
- US stocks were lower on Thursday, with all indices falling as the consumer staples, healthcare and consumer discretionary sectors fell. There were more decliners than advancers on both the NYSE and NASDAQ.
- The FSSTI fell 22.33pt to 5,671.91, due to weakness in DBS and OCBC, with both mid- and small-cap indices falling with a broad market decline on S$2.00b turnover.
Technical Analysis
Riverstone (RSTON SP)
- Trading Sell Range: S$0.810-0.815
Beng Kuang Marine (BKM SP)
- Trading Sell Range: S$0.440-0.445
Top Stories
Company Results | SATS (SATS SP/BUY/S$4.12/Target: S$5.00)
- Reported net profit rose 6.0% yoy to S$75.1m; excluding one-off JV/associate provisions, core net profit would have been S$80m, in line with our forecast. Business fundamentals remained strong, with revenue up 11.3% yoy on upbeat volume growth across all business lines. Margin pressure may persist for another 1-2 quarters, but we view the drivers behind as temporary in nature. Maintain BUY with an unchanged S$5.00 target price; yesterday’s sharp sell-off presents a good buying opportunity.
Market Spotlight
- US stocks were lower on Thursday, with all indices falling as the consumer staples, healthcare and consumer discretionary sectors fell. There were more decliners than advancers on both the NYSE and NASDAQ.
- The FSSTI fell 22.33pt to 5,671.91, due to weakness in DBS and OCBC, with both mid- and small-cap indices falling with a broad market decline on S$2.00b turnover.
Technical Analysis
Riverstone (RSTON SP)
- Trading Sell Range: S$0.810-0.815
Beng Kuang Marine (BKM SP)
- Trading Sell Range: S$0.440-0.445
Key Indices
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