SATS Ltd: Strong tourism statistics benefit SATS
- Encouraging visitor arrivals to Singapore and strong traffic statistics at Changi Airport, driven mainly by visitors coming from China (+40.8%), Indonesia (+13.1%) and Thailand (+28.6%) for 4M16.
- OCBC believes that while passenger yields remain weak, loads are expected to increase ahead.
- Management is guiding for sustainable growth in dividend payout.
- OCBC believes SATS is currently fairly valued. TP at $4.20.
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