SATS: (S$4.21) Lofty valuation amid slowing earnings growth momentum
-MKE trims forecasts for SATS, shaving FY7-18 EPS by 2-3% to incorporate higher costs and lower contribution from associates. FY19 projections are also introduced.
-MKE is bearish SATS, citing near peak 20x P/E vs. uninspiring 3-4% growth from FY18.
-MKE maintains Sell on SATS with lower TP to $3.76 from $3.86
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