SATS: UBS maintain Buy, but reduce TP to $2.85 from $3.15.
With over $300m from the sale of Daniels, SATS is in a good position to pay a special div. Estimate it would amount to $0.09 per share, a 3.7% yield. Another catalyst could be a win in its bid for SG International Cruise Terminal, which could potentially add 4% to the bottom line in the medium term. Lowers EPS estimates for FY12/13/14 from S$0.18/0.20/0.22 to $0.16/0.18/0.20 to reflect the divestment of Daniels.
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