SATS

SATS: More broker downgrades on rich valuations
-CIMB downgrade to Hold from Buy
-Boost from tourist arrival and potential government grant for margin expansion priced in
-rising downside risk - Zika outbreak
-dividend yield became less compelling after strong price rally since mid-2016
-TP raised slightly to $4.64 from $4.57, but is still below current market price.
-the view is in line with Maybank KE, which has Street's only Sell rating with TP of $3.76