SATS: CEO Clement Woon resigns to pursue other interests but will stay on in an advisory capacity till 31 Dec 2011. Meanwhile, Tan Chuan Lye, EVP of Food Solutions has been appointed as interim CEO. SATS intends to embark on a global search for a new CEO.
Recall last wk, Deutsche and CIMB downgraded the stock, as the co faces margin pressures amidst rising food costs, and delay in positive impact from the recent TFK acquisition due to uncertainties in Japan. While they like the long term fundamentals, they expect near term headwinds to dampen sentiment on the stock.
Deutsche cut to Hold from buy, slashed TP to $2.75 from $3.80.
CIMB resumed coverage with Underperform and $2.60 TP.
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