SATS reiterated as Buy with price target of $3.20 at DB, with prospects buoyed by continued growth momentum in air pax and cargo traffic, the full roll-out of the integrated resorts and more MICE and tourist events. Monthly visitor arrivals surged 30.3% in May, Iata has upped its growth forecasts for pax and cargo traffic to 7.1% and 18.5% from 5.6% and 12%, which should underpin demand for SATS airport services.
SATS is a good proxy to the S’pore tourism story given the lack of liquid hotel plays.
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