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Broker's take: CGS-CIMB says worst could be over for SATS, upgrades to 'hold'

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CGS-CIMB has upgraded its call on SATS to 'hold' from 'reduce', with an increased target price of S$3.00 from S$2.80. The research team said the worst could be over for the ground handler and food solutions provider's bottom line. Read more at The Business Times.

CGS-CIMB has upgraded its call on SATS to"hold" from"reduce", with an increased target price of S$3.00 from S$2.80. The research team said the worst could be over for the ground handler and food solutions provider's bottom line.The stock can be seen as a recovery play for long-term investors, CGS-CIMB analyst Lim Siew Khee said in a research note dated Monday.

SATS' recorded S$43.7 million loss for the first quarter ended June 30, 2020 was in line with the company's guidance of"narrower than S$50 million to S$70 million", but missed CGS-CIMB's more hopeful net loss estimate of S$30 million. Revenue and associate performance were key misses. "We believe this could be the worst quarter due to improving cargo volume, heading into peak season as well as better freight rates on the back of stronger demand for perishable and medical supplies," Ms Lim said.

 

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