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DBS downgrades SATS to 'hold'; other analysts keep 'buy' calls despite missed expectations

Felicia Tan
Felicia Tan6/1/2022 01:46 PM GMT+08  • 6 min read
DBS downgrades SATS to 'hold'; other analysts keep 'buy' calls despite missed expectations
SATS's president and CEO Kerry Mok. Photo: Albert Chua/The Edge Singapore
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DBS Group Research analyst Jason Sum has downgraded his recommendation on SATS to “hold” from “buy” after the group saw red again in the 4QFY2022 ended March.

Sum has also lowered his target price to $4.50 from $4.90 previously as the food solutions and gateway services provider is likely to see operating costs grow faster than its revenue over the next few quarters.

On May 30, SATS reported a core net loss of $10.6 million, down from the $5.1 million in core net profit in the 3QFY2022 and core net profit of $13.2 million in the 4QFY2021.

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