【SATS S58 交流专区】新翔集团 SATS LTD.

martin515

SATS’  2QFY  Mar11  results  were  within  expectations.  Net  profit  rose  
10.5%  to  $45.2m  but  if  the  results  were  adjusted  for  $6.3m  in  Jobs  
Credit  aid  that  did  not  recur,  profits  would  have  grown  by  31%  YoY  
despite  higher  raw  material  and  staff  costs,  as  well  as  a  $1.3m  forex  loss  
from  the  weaker  pound.  Its  half‐year  net  profit  of  $89.5m  (+10%  YoY)  
met 45% of our full‐year forecast. Interim DPS of $0.05 was maintained.

icy97

Japan, China dispute to hurt SATS profits - UOB
http://www.theedgesingapore.com/the-daily-edge/business/40308-japan-china-dispute-to-hurt-sats-profits-uob-.html

Wed, 3 Oct 12:14
Airline services company SATS will be hurt by flight cancellations on China-Japan routes, which the market has not factored in yet, UOB Kay Hian said, and lowered its target price on the stock to $2.40 from $2.42.

At 10:37 a.m., SATS shares were down 1.4% at $2.73. They have gained nearly 27% since the start of the year, compared with the 23% gain in the FTSE ST Industrials Index.

SATS’ 51 percent-owned Tokyo Flight Kitchen derives 60% of its revenue from Japan Airlines, which has suspended some of its flights between Japan and China due to an ongoing territorial dispute, UOB said. It maintained its ‘sell’ rating on SATS stock.

The brokerage has cut its growth assumptions for TFK and reduced its 2013 net profit forecast by 4% to $164.4 million.

icy97

新翔集团报2Q13盈利上升25.4%
http://www.sharesinv.com/zh/articles/35394/

2012年11月07日
新翔集团(SATS)报其2Q13的业绩令人鼓舞，其2Q13盈利跳升25.4%至5,030万元，由于收入上升及合资公司的贡献提高。新翔在本季所服务的飞机航班增加5.5%，所服务的搭客则增加4.9%至近1,000万人次。它提供餐食的总数量和单位数量分别增长6.1%及5.6%，反映出新加坡樟宜机场的搭客量增多。与此同时，其2Q13货物吞吐量季比增加2.7%，但年比却下跌2.6%。截至2012年9月30日，新翔的现金与现金等值物为3亿2,350万元，去年同期为1亿6,340万元。

启示：尽管目前的市况不明朗(将在第3季加剧)及原料成本上涨，但新翔预计其食品业务将会持续增长。然而，它强调运货物吞吐量将可能在未来几个月持续下跌。

icy97

CIMB upgrades SATS to outperform
http://www.theedgesingapore.com/the-daily-edge/business/42399-cimb-upgrades-sats-to-outperform.html

Wed, 23 Jan 13:16
CIMB Research upgraded its rating on airline services company SATS  to ‘outperform’ from ‘neutral’ and
raised its target price to $3.32 from $2.82, citing a rise in air travel in Singapore.

SATS shares were up 0.7% at $2.96 and have gained 2.4% since the start of the year, compared with the FTSE ST Industrials Index’s 3% rise.

CIMB expects higher air traffic volume through Singapore. In November, Singapore’s Changi Airport handled an average 920 flights per day, a record high. With the thriving air travel in Singapore, CIMB said SATS can offer stable earnings growth and yields of over 4%.

Meanwhile, CIMB said SATS’ profit margins were expected to recover, helped by easing food inflation. The brokerage expects SATS’s core net profit margin to improve 0.4%age points to 9.9% in 2013.

icy97

新翔集团的3Q12净利增加23%
http://www.sharesinv.com/zh/articles/37073/

2013年01月31日
新翔集团(SATS)在2011年10月脱售不赚钱的英国子公司Daniels Group后无需再承担相关亏损，其截至2012年12月31日的第三季度盈利因而跃升23%至4,700万元。取得双位数盈利增长也由于收入增加6.4%至4亿7,060万元，因为所有业务均广泛增长。9M12的收入增加9.4%至13亿7,000万元，由于航班班次增多及膳食量提高。与此同时，净利提高14.7%至1亿3,860万元。公司的业绩提高也由于其航空膳食包办子公司TFK转亏回盈。若不包括Daniels Group在上一年同期所带来的1,010万元亏损及其他一次过帐目，9M12的净利则是提高7%。公司表示，开创新业务远地膳食包办及游轮处理而蒙的亏损将延续至下个季度，但已考虑在预算案内。

启示：展望未来，公司在新加坡的航空相关服务业务料将继续取得合理的增长，而航空公司大致上认为，2013年对航空旅行的需求将会提高，但货物空运需求可能会依旧疲弱。

icy97

Maybank-KE downgrades SATS to Hold from Buy
http://www.theedgesingapore.com/the-daily-edge/business/42568-maybank-ke-downgrades-sats-to-hold-from-buy.html

Thu, 31 Jan 18:07
Maybank-Kim Eng downgrades SATS (S58.SG) to Hold from Buy after relatively disappointing 3Q13 results and the share-price run-up, noting it's up around 52% from just over a year-ago when the house upgraded the stock to Buy.

"We believe SATS is fairly valued at current levels, while existing investors continue to enjoy dividend yields of around 5.5%."

It notes 3Q13 results were slightly below expectations, with 9M13 net profit of $138.6 million only 71% of the house's full-year estimate; it notes 3Q revenue was hurt by the poor air-freight demand environment and as cost increases outpaced revenue growth.

It cuts its target to $3.03 from $3.22 after lowering FY13-15 profit forecasts by 6%-8% primarily on cost pressures. The stock is down 1.0% at $3.05.

bluenana

谁有买这股吗？？

icy97

SATS may increase dividend in coming years - Maybank
http://www.theedgesingapore.com/the-daily-edge/business/44028-sats-may-increase-dividend-in-coming-years-maybank.html

Thu, 23 May 13:40
SATS, an airport and food services provider, is likely to increase its dividend in the coming years, as the company is expected to expand margins with its various businesses showing strength, according to Maybank Kim Eng.

“SATS announced special dividends in the last three years and we expect this to be the new normal,” Maybank said in a research note on Thursday.

“We expect ordinary DPS (dividend per share) to increase by 1 cent over each of the next three years, which could be achieved with a very comfortable average payout ratio of less than 80 percent.”

SATS may benefit from growing air travel in Japan on the back of a weaker yen. Its various other businesses in the catering, food and beverage segments will help the company achieve economies of scale, Maybank said.

Maybank upgraded its call on the stock to “buy” and set the target price at $3.90.

SATS shares rose to a six-year high of $3.36 in the previous session. They were down 0.04 percent at $3.32 on Thursday. Its shares have gained nearly 15% this year, lagging the Asia-Pacific sector index's 19 percent rise.

icy97

SATS posts 12% rise in Q1 earnings to $46.2 mil
http://www.theedgesingapore.com/the-daily-edge/business/44856-sats-posts-12-rise-in-q1-earnings-to-462-mil.html

Thu, 25 Jul 22:12   
SATS has recorded an 11.9% y-o-y increase in earnings for 1Q2013, to $46.2 million.

While group revenue had fallen by $3.4 million or 0.8% to $434.5 million, owing to the $15.7 million decrease in sales in its food solutions business, its gateway services business saw a $12.3million increase in sales.

The group’s operating profits for the quarter grew 3.6% y-o-y, to $40.7 million. This was the result of the cost saving initiatives which the group had undertaken.


新翔集团的1Q14盈利增加11.9%
http://www.sharesinv.com/zh/articles/40609/

2013年07月26日
新翔集团(SATS)昨天公布1Q14业绩，其盈利增加11.9%至4,620万元，主要归功于营运盈利及联号与合资所分享的业绩。公司采取了节约举措，因此营运盈利提高3.6%至4,070万元。联号及合资所分享的业绩提高6.8%至1,250万元(税后)，并以北亚及东南亚的联号及合资为首。为待售资产提供一次过的170万元贬值拨备，若不包括后者，净利将会是4,790万元。公司目前的债务与股本比为健康的0.09倍，现金与现金等值物为4亿9,070万元。

启示：公司依旧把焦点放在成本监控及提高生产力上，同时积极地评估策略性商机，以扩大业务和提升区域地位，尤其是因为全球经济局势不明朗令乘客流量增长放缓和空运领域持续走下坡。

icy97

SATS feeds army to bolster airline trolley trade
http://www.theedgesingapore.com/the-daily-edge/business/44931-sats-feeds-army-to-bolster-airline-trolley-trade.html

Wed, 31 Jul 10:29   
SATS, Asia’s largest provider of in-flight meals and ground-handling services, is expanding beyond stocking up Singapore Airlines Ltd.’s food trolleys to feed soldiers and pack vegetables for McDonald’s Corp.

The supply of food to hotels, restaurants and mining companies will increase over the next five years to make up almost a third of its catering sales from 22% now, Chief Executive Officer Tan Chuan Lye said. It also provides other food items to Burger King and Pizza Hut, he said.

“There are more opportunities where non-aviation food is concerned, both domestically and overseas,” Tan said in a July 29 interview in his catering kitchen at the company’s Singapore headquarters. “The aviation segment is very cyclical. That’s why we took some effort to grow the non-aviation business.”

Demand is expected to increase as labor-strapped firms farm out catering to companies such as SATS, said Tan, 63, who will retire at the end of the year. The push to diversify the company’s revenue stream will also help it weather turmoil in the airline industry, he said.

SATS’s biggest customers, which include Singapore Airlines and Qantas Airways Ltd., face increased competition from Middle East and low-fare carriers, adding pressure on their yields. While air-passenger traffic recovered from a global slump last year, gaining 5.3%, the industry will experience more challenges this year, Tony Tyler, chief executive officer of the International Air Transport Association, said in June.

AIRLINE DEPENDENCE
“SATS has been dependent on airlines, the health of the economy and the competitive landscape,” said K. Ajith, an analyst at UOB Kay Hian Research in Singapore. By developing its institutional catering business, the company “removes that cyclical element, leading to more stable growth,” he said.

SATS was a unit of Singapore Airlines, Asia’s second- biggest carrier by market value. Temasek Holdings Pte, the Singapore state-owned investment company that’s the parent of the airline, is now the largest shareholder in SATS.

The company’s shares climbed 14% this year, compared with a 2.5% advance in Singapore’s benchmark Straits Times Index. Singapore Airlines declined 6.1%.

SATS is trading at 19 times reported earnings, compared with the 33 times average of its peers in the airport services industry globally, according to data compiled by Bloomberg. Singapore’s key stock guage has a multiple of 13.

21-YEAR CONTRACT
In March, SATS won a 21-year contract to provide meals at sporting events at Singapore’s new stadium near the city-center, Tan said. It’s expanding overseas and into remote sites including oil rigs and mines, where it provides food for workers.

SATS has set up companies in Australia and India to seek new opportunities, he said, extending a reach that includes 37 airports in 10 countries in Asia and the Middle East.

“The business model of providing a comprehensive handling service -- ground and catering, we’ll roll this overseas,” Tan said. “We want to grow in Asia Pacific and the Middle East.”

In Singapore, SATS also expects to expand at Changi Airport, which plans to complete the construction of its fourth terminal in 2017 and a third runway before the end of the decade. Changi handled a record 51.2 million passengers last year, 10% more than in 2012, according to the operator.

Travel demand will grow as the Association of Southeast Asian Nations plan to allow carriers to fly as often as they like among the region’s capitals by the end of this year and to have fully open skies across all routes by 2015.

BE PREPARED
“We’re planning ahead to take care of the growth,” Tan said. “You have to be prepared. Regional growth is still there.”

To complement the increase in demand, SATS has expanded its food business to hospitals and Singapore’s two casino resorts, which include convention centers and a Universal Studios theme park.

Inflight meals and catering made up 64% of the company’s $1.82 billion of revenue in the year ended March. The rest came mainly from airport ground handling.

“For catering, we have a dedicated food research and center set up,” Tan said. “We are using the knowledge and experience in the aviation sector into the non-aviation sector.”

icy97

SATS to buy Singapore Cruise Centre from Temasek Holdings for $110 mil
http://www.theedgesingapore.com/the-daily-edge/business/45581-sats-to-buy-singapore-cruise-centre-from-temasek-holdings-for-110-mil.html

Publish date: Thu, 26 Sep 19:42
Airport ground handler SATS is buying Singapore Cruise Centre from Temasek Holdings for $110 million. The acquisition is being made through its subsidiaries SATS Airport Services and the joint venture SATS-Creuers, which operates the Marina Bay Cruise Centre. Consequently, SATS will own 96.8% of Singapore Cruise Centre.

Singapore Cruise Centre operates the cruise and ferry terminal at Harbourfront, as well as the ferry terminals at Pasir Panjang and Tanah Merah. It reported earnings before tax of $16.7 million, with revenue of $45 million, for the financial year ended March 31. The acquisition is subject to shareholder approval, and regulatory approvals from the Maritime and Port Authority of Singapore, and the Competition Commission of Singapore.

After the acquisition, SATS is expected to introduce the Fly-Cruise and Cruise-Fly services at Singapore Cruise Centre, which facilitates travellers’ connections onto international cruises from Changi Airport.

According to SATS CEO Tan Chuan Lye, the acquisition of the cruise terminal is a natural extension of the company’s gateway operations at airports in Singapore and Japan. Tan says the cruise business in Singapore has grown at 6.5% a year since 2003, and the cruise centres are expected to handle 1.5 million passengers in three to five years’, from 913,000 last year.


新翔集团收购游轮中心，以扩大在本地游轮业的版图
http://www.sharesinv.com/zh/articles/41770/

2013年09月27日
新翔集团(SATS)及其子公司将以1亿1,000万元收购淡马锡控股(Temasek Holdings)的新加坡游轮中心(Singapore Cruise Centre)，籍此拓展其本地游轮相关业务。公司的全资子公司SATS Airport Services(SAS)将直接持有游轮中心的92%股权。另一家与西班牙合作伙伴所组的子公司SATS-Creuers Cruise Services(SCCS)将持有另外的8%股权。SAS目前也持有SCCS的60%股权，这意味着它实际上将持有游轮中心的96.8%股权。这也表示，实际的收购价为1亿零650万元。公司表示，收购价已经把“目前的市况”及游轮中心的前景考虑在内。

启示：上述交易仍有待有关当局的批准，但若得以落实，它将对公司目前的游轮处理和终站业务起着重大的协同效益。加上公司与其西班牙合作伙伴Creuers del Port de Barcelona的关系稳固，上述交易将有助拓展公司的游轮港口服务业务。

icy97

SATS exploring joint venture to operate cargo facilities in Oman
http://sgx.i3investor.com/servlets/fdnews/44628.jsp

Publish date: Fri, 27 Sep 23:04
SATS announced it has signed a Memorandum of Understanding with Oman Air and Oman Airport Management Company to explore the potential of setting up a joint venture together to develop and operate cargo facilities in the Sultanate of Oman.

"Subject to further studies and due diligence on the feasibility of the joint venture and fulfilment of certain terms, the parties will then enter into a definitive agreement and an appropriate announcement would then be made." said SATS in an SGX announcement.

icy97

新翔集团展翅高飞
文： Justin Harper （译：麦美莹） 2013年12月18日 Tradeable, 交易良策
http://www.sharesinv.com/zh/?p=43349

亚洲多家航空公司计划在明年提高客运量，让本地公司像新翔集团(SATS)的工作量将会提高。领空持续开放令航空交通流量增加，长期而言，这将为航空业者带来更高的回报。

樟宜机场扩建是一个重要指标。马来亚银行金英的区域航空团队所作的分析指出，新加坡短期内的航空交通量将会受限，因为跑道可容纳的升降量有限。

但计划在2020年建成的第三条跑道将可以刺激航空交通量的增长。同时在2020年中，樟宜机场的客运大楼的容量也会增加一倍。随着大规模的扩建计划在如火如荼进行及航空服务的需求在提高，分析师对有关的投资机会感到兴奋。

处身航空服务业的公司一般上被视为会派发稳定的股息，但如果利率开始上升，这些公司的吸引力可能会减退。

公司在2014年将会完成新加坡游轮中心(Singapore Cruise Centre)的收购，而这项收购将会推动公司的业务增长，并可能会提高其派息率。马来亚银行金英预期公司在2014年的表现将会比其同行出色，并重申给予公司买入评级，目标价为4.00元。

联昌国际认为新翔集团的优势包括其目前的获益率达到4.9%；强劲的财务(净现金为2亿7,000万元)及樟宜机场的客流量不断增长。联昌国际维持其给予的表现优于大市评级。经纪商预期这只股的股价平均拥有10.5%的上涨空间。

*价格调整至2013年12月17日，下午5时

icy97

文： 2014年02月12日 每日头条
http://www.sharesinv.com/zh/articles/44723/

新翔集团(SATS)在截至2013年12月31日的3Q14录得营业额及盈利分别下跌1.1%至4亿6,550万元及8.7%至4,290万元，由于日元走弱拖累其膳食方案部门的表现。九个月的收入及净利分别下跌1.3%至14亿元和0.6%至1亿3,780万元。

icy97

文： 2014年02月20日 每日头条
http://www.sharesinv.com/zh/articles/44933/

新翔集团(SATS)以1万1,080亿印尼盾(约1亿1,830万元)收购Cardig Aero Services(CAS)的41.65%股权。后者在印尼17个机场和23个城市提供航站及膳食服务。预期交易将在今天完成。公司认为此举与其核心业务起着相辅相成的庞大效益，并能加强其与CAS的子公司Jasa Angkasa Semesta之间的合作关系，同时也能巩固其在印尼的地位。

icy97

每日头条 | 2014年05月14日
http://www.sharesinv.com/zh/articles/46807/

新翔集团(SATS)宣布，基于亚洲市场的局势，它已取消收购新加坡游轮中心(Singapore Cruise Centre)，并将终止有关的买卖协议。


SATS cancels plan to buy terminal operator
Source: Reuters   |   Publish date: Mon, 12 May 20:10
http://www.theedgesingapore.com/the-daily-edge/business/48316-sats-cancels-plan-to-buy-terminal-operator.html

Singapore airport services and catering firm SATS said on Monday it had abandoned plans to acquire a cruise and ferry terminal operator from a unit of Singapore state investor Temasek Holdings for $110 million.

In September, SATS said it would buy the Singapore Cruise Centre from Hazeltree Holdings Private Ltd, an indirect wholly-owned subsidiary of Temasek.

"The purchasers and the vendor have agreed not to proceed with the acquisition and to terminate the SPA (sale and purchase agreement) due to market developments in Asia," SATS said in a stock exchange filing.

Singapore Cruise Centre manages and operates the international cruise terminal and regional ferry terminal at HarbourFront Centre in addition to two ferry terminals at Tanah Merah and Pasir Panjang in Singapore.

icy97

新翔集团整体收入偏低，但地勤服务收入升高
Tradeable | 2014年05月23日
文 : 林思杰（译：麦美莹）
http://www.sharesinv.com/zh/articles/47080/

1.营运前景依然充满挑战，由于成本上涨及区域航空业带来压力。
2.尽管市场条件艰难，但新翔集团的收入及净利水平得以维持。
3.新翔集团维持其派息政策。

公司简介
新翔集团(SATS)的主要业务是为新加坡樟宜机场提供地勤服务及航班的餐饮。 它的业务主要包括两方面:

1. 新翔食品供应
新翔食品供应(SATS Food Solution)所提供的服务包括飞机餐饮、物流、工业用餐饮设备、生产冰鲜与冷冻食品及布草与洗衣服务。

2. 新翔地勤
新翔地勤(SATS Gateway)提供的服务主要包括空运、行李、停机坪服务、搭客服务、航空安全、货物、仓库储存、处理容易变坏货物及管理机场大楼等。

新翔集团包办了大约樟宜机场80%的地勤及餐饮服务，它也在亚洲超过30个机场提供地勤及飞机餐饮服务。

新翔的FY14表现
新翔的业务表现与航空业挂钩。它的营运前景依然充满挑战，由于成本上涨及区域航空业带来的压力。在接下来的年度里，预计搭客流量及空运服务将会分别取得适度及轻微增长。鉴于航空业的前景并不明朗，新翔不大可能不受影响。



与去年同期相比，新翔的收入下跌了1.8%。公司透露，主要原因是尽管地勤收入提高但飞机餐饮的收入减少。此外，营运盈利下跌了11.1%，由于人力成本上涨及收入减少，但相信这两个原因将会持续对公司构成影响。

情况并不太差


尽管航空业近年来遇到不少压力，但新翔依然能维持其收入及净利的水平。新翔或许未能满足激进投资者所渴望的增长幅度，但其稳定表现对被动投资者来说可能是信心的保证。


资料来源：辉盛

从上图来看(绿色=买入+增持；黄色=持守；红色=减持+卖出；虚线 =目标价；实线=实际价位)，大部份分析师给予新翔持守或买入评级，表示他们对其前景轻微看涨。

派发稳定股息


我比较喜欢新翔的一点是其派息政策。虽然它近年来的表现并不特别出色，但它持续执行其派息政策。它提议派发8分年终股息，令FY14的总股息达到每股13分，意味着其派息率为80.8%。

放弃收购游轮中心
新翔放弃向淡马锡控股收购新加坡游轮中心(Singapore Cruise Centre)的计划。原本新翔是希望借此能从亚太区不断增长的游轮业中受惠。一些分析师认为新加坡游轮业的增长前景有限。

这项收购计划搁浅预期不会对新翔的财务带来实质影响。可是，自从新翔宣布了这项消息后，其股价似乎稍微回落，而自4月中以来的升势也终止。它的股价在5月22日下跌了接近3%。

看涨，但只对看重稳定表现的投资者而言
对那些希望取得大幅收益的投资者而言，我不认为新翔可以满足你们的预期。可是，对那些被动投资者而言，你们可能会喜欢新翔的稳定派息政策及表现。

icy97

新马航卖长荣空厨10%
新翔1亿接手
2016年12月28日
http://www.enanyang.my/news/20161228/新马航卖长荣空厨10br-新翔1亿接手/

（吉隆坡27日讯）在新加坡上市的新翔集团（SATS）有限公司今日宣布，以1亿令吉向新马航买下长荣空厨（Evergreen Sky Catering）有限公司的10%股权。

根据新翔集团的文告，该集团今天与新马航签署有条件股权买卖协议。

新翔集团目前持有长荣空厨的15%股权。

完成股权收购活动后，该集团将持有长荣空厨的25%股权，而后者将成为该集团的联号公司。

股权收购活动，符合新翔集团增长食品业务规模的策略，并加强集团的连接性，以更好地服务亚洲主要机场的客户。

该股权收购活动，预计不会对新翔集团现财年的每股净资产，及每股综合净利带来任何重大影响。