SINGAPORE (Nov 12): DBS is reiterating its “buy” recommendation on SATS with a lower target price of $5.60, compared to $5.65 previously, on positive long term growth prospects.

This came on the back of the group recording a 9% drop in 2Q19 earnings to $65.7 million, from $72.2 million in 2Q18, due to the absence of a one-off gain, as well as lower contributions from associates/joint ventures (JVs).

Excluding the one-off gain, the group would have saw a 0.8% y-o-y increase in underlying profit.

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