External broker reports(aggregated public sources), RHB Invest

RHB Invest

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

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Taokaenoi Food & Marketing / Equity Bottom-Up

<ul><li>The SET Index is expected to weaken, with the support at 1,533/1,520 points and the resistance at 1,550/1,560 points.</li><li>Japan's 1Q23 GDP growth came in at +0.4% QoQ and annualized at +1.6% QoQ, which was higher than the market's expectation at +0.1% QoQ and annualized growth at +0.7% QoQ.</li><li>We expect domestic consumption-related stocks (in the retail and food sectors) to benefit from the populist policies of both parties, which may lift GDP growth by around 3.4%.</li></ul>

The SET Index is expected to weaken, with the support at 1,533/1,520 points and the resistance at 1,550/1,560 points.Japan's 1Q23 GDP growth came in at +0.4% QoQ and annualized at +1.6% QoQ, which was higher than the market's expectation at +0.1% QoQ and annualized growth at +0.7% QoQ.We expect domestic consumption-related stocks (in the retail and food sectors) to benefit from the populist policies of both parties, which may lift GDP growth by around 3.4%.

<ul><li>The SET Index is expected to move sideways, with the resistance at 1,640/1,650 points and the support at 1,625/1,620 points.</li><li>Positive factors include the valuations of Thai stocks, which remain inexpensive, as reflected in the fact that the earnings yield gap is still higher than the 12M average.</li><li>The negative factors include concerns that the Fed may hike the policy interest rate more aggressively than expected due to the better-than-forecast employment figures and the continued increase in the ISM services PMI.</li></ul>

The SET Index is expected to move sideways, with the resistance at 1,640/1,650 points and the support at 1,625/1,620 points.Positive factors include the valuations of Thai stocks, which remain inexpensive, as reflected in the fact that the earnings yield gap is still higher than the 12M average.The negative factors include concerns that the Fed may hike the policy interest rate more aggressively than expected due to the better-than-forecast employment figures and the continued increase in the ISM services PMI.

<ul><li>The SET Index is expected to increase, with the resistance at 1,660/1,672 points and the support at 1,640/1,635 points.</li><li>The advance should be supported by the expected MoM decline in the US jobs report for November (released tonight), which would increase the likelihood of the Fed slowing down its rate hikes at its December meeting, as the market remains in an uptrend, with the first target at 1,672 points.</li><li>We maintain our recommendation of selective buy, with our stock picks being SMT, SPALI and MINT.</li></ul>

The SET Index is expected to increase, with the resistance at 1,660/1,672 points and the support at 1,640/1,635 points.The advance should be supported by the expected MoM decline in the US jobs report for November (released tonight), which would increase the likelihood of the Fed slowing down its rate hikes at its December meeting, as the market remains in an uptrend, with the first target at 1,672 points.We maintain our recommendation of selective buy, with our stock picks being SMT, SPALI and MINT.

Krungthai XSpring Zoom Eng. December 2, 2022

<ul><li>The SET Index is expected to move sideways down, with the resistance at 1,630/1,635 points and the support at 1,611 points (50-week EMA)/1,600 points.</li><li>Today's investment momentum is negative after the Cabinet approved a financial transaction tax of 0.11%.</li><li>We switch our rating to Buy (from Neutral), with a new fair value of Bt46.30 (vs. 33.41 previously), while the required return has been lowered to 6.3% (vs. 8.1% previously), implying 17% upside.</li></ul>

The SET Index is expected to move sideways down, with the resistance at 1,630/1,635 points and the support at 1,611 points (50-week EMA)/1,600 points.Today's investment momentum is negative after the Cabinet approved a financial transaction tax of 0.11%.We switch our rating to Buy (from Neutral), with a new fair value of Bt46.30 (vs. 33.41 previously), while the required return has been lowered to 6.3% (vs. 8.1% previously), implying 17% upside.

Singapore

SATS is a leading provider of gateway services and food solutions for the aviation industry and beyond. It offers air cargo handling, baggage and ramp handling, passenger services, aviation security, and in-flight catering, as well as food distribution and logistics. Headquartered in Singapore, the company was founded in 1972.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

SATS (SATS SP)

SATS - Acquisition Costs & Cargo Weakness Overshadow Recovery

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.

RHB Invest

Today's Dominant Ideas

The SET Index is expected to weaken, with the support at 1,533/1,520 points and the resistance at 1,550/1,560 points. Japan's 1Q23 GDP growth came...

Krungthai XSpring

Market Outlook

The SET Index is expected to move sideways, with the resistance at 1,640/1,650 points and the support at 1,625/1,620 points. Positive factors...

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 2, 2022

The SET Index is expected to increase, with the resistance at 1,660/1,672 points and the support at 1,640/1,635 points. The advance should be...

Krungthai XSpring

Two-Year Earnings to Mark a 39% CAGR

The SET Index is expected to move sideways down, with the resistance at 1,630/1,635 points and the support at 1,611 points (50-week EMA)/1,600...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)