SATS

SATS: Deutche maintains Buy on SATS with $2.96 TP. House note that strong passenger trends in SG and Japan support positive stance on SATS. Robust forward-bookings for JAL bode well for TFK and are optimistic about long-term growth potential in this market. While cargo trends continue to be a drag, related operations account for a contained 10% of SATS' revenues and we expect a recovery towards 2H12.