SATS' profits inched 2.1% higher to S$184.8m

Still up amidst cost pressures.

According to OCBC Investment Research, FY13 PATMI was S$184.8m (+2.1% YoY). Management declared a final and special cash dividend of 6 S cents and 4 S cents, respectively, to bring the total dividends declared in FY13 to 15 S cents (FY12 total: 26 S cents), representing a payout ratio of 90.3% of PATMI.

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As SATS’s share price has continued to appreciate in the previous weeks, we feel that many of the positives have already been priced in.

SATS’s FY13 results were in line with our expectations, coming in within 2% of our projections.

Revenue grew 7.9% YoY to S$1,819m on the back of increases from the gateway and food businesses while operating profit increased correspondingly by 13.8% YoY to S$192.3m. Despite cost pressures related to higher staff expenses and raw material costs, SATS was able to register an improvement of 0.6ppt in operating margin to 10.6% from a year ago.

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