Elevator Pitch
I maintain a Neutral rating on Singapore-listed leading food solutions and gateway services provider SATS Ltd. (SPASF) (SPASY) [SATS:SP].
This is an update of my prior article on SATS published on February 21, 2020. SATS' share price has fallen by -37% from S$4.51 as of February 20, 2020 to S$2.83 as of July 15, 2020 since my last update. SATS trades at 23.9 times consensus forward FY2022 (YE March) P/E, and it offers a consensus forward FY2022 dividend yield of 3.1%.
The key highlights of SATS' 4QFY2020 financial results were credit losses &