SGX:S58

SATS Updates $3 Billion Debt Program, Adds New Issuer

SATS (SGX:S58) has updated its $3 billion guaranteed multicurrency debt program to add its wholly owned subsidiary, SATS Investments (III) (SIPL III), as an additional issuer, according to a Wednesday filing with the Singapore Exchange.Under the updated program, both SATS Treasury and SIPL III are authorized to issue notes and perpetual securities in various currencies. All securities will be backed by an unconditional guarantee from SATS.DBS Bank and Oversea-Chinese Banking Corp. will continue serving as joint arrangers and dealers of the updated program.The airport services provider said the net proceeds will be used to refinance existing borrowings, fund potential acquisition and investment opportunities, cover working capital and capital expenditure requirements and other general corporate purposes.

SATS Posts Higher Fiscal Q1 Profit; Revenue Climbs

SATS (SGX:S58) reported SG$75.1 million in profit attributable to owners for the first fiscal quarter, compared with SG$70.9 million a year ago, a Wednesday bourse filing showed.EPS moved to SG$0.05 from SG$0.047 year over year.For the three months ended June 30, revenue was SG$1.68 billion, versus SG$1.51 billion previously, the airport services company said.

Nomura Adjusts SATS' Price Target to SG$5.59 From SG$4.57, Keeps at Buy

Maybank Securities Adjusts SATS' Price Target to SG$5.09 from SG$4.52

SATS (SGX:S58) has an average rating of buy and mean price target of SG$4.55, according to analysts polled by FactSet.

SATS Completes Acquisition of Stake in Nanjing Weizhou Airline Food

SATS (SGX:S58) completed the acquisition of a 40% stake in Nanjing Weizhou Airline Food via its subsidiary, SATS Investments, according to a Tuesday filing with the Singapore Exchange.The company now has a 90% controlling stake in the Chinese airline food services provider.

CGS International Adjusts SATS' Price Target to SG$5.20 from SG$4.68, Keeps at Add

SATS (SGX:S58) has an average rating of buy and mean price target of SG$4.55, according to analysts polled by FactSet.

Singapore Shares Slip Nearly 1% Following Fresh US-Iran Scuffles; Boustead Singapore Plunges 13%

Singapore shares closed in the red on Tuesday, tracking broader regional losses over the recent clash between the US and Iran near the Strait of Hormuz.The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 5,028.80 and 5,072.08 throughout the day. It ended the session at 5,028.80, down 41.75 points or 0.8% compared to Monday's close.The two parties had a skirmish near the Strait, which could have an impact on an interim peace deal.In economic news, Singapore's manufacturing output jumped 17.6% in April, backed by strong growth across almost all clusters, the city-state's Department of Statistics reported.On the corporate front, shares of Boustead Singapore (SGX:F9D) sank over 13% at the close even after its profit attributable to equity holders surged 235% during the fiscal second half ended March 31 to SG$197.7 million from SG$59.1 million a year earlier.SATS' (SGX:S58) shares closed nearly 6% higher as its attributable profit to owners rose to SG$135.4 million in fiscal second half ended March 31 from SG$109.1 million a year earlier.Meanwhile, shares of Global Resource Construction (SGX:S3N) closed nearly 8% higher as its subsidiary, Chip Eng Seng Contractors, secured a civil engineering works project worth SG$95.7 million from the Housing & Development Board.

SATS' Fiscal H2 Attributable Profit Rises; Shares Up 6%

SATS' (SGX:S58) attributable profit to owners rose to SG$135.4 million in fiscal second half ended March 31 from SG$109.1 million a year earlier, according to a Monday filing with the Singapore Exchange.Shares of the airport services company were up nearly 6% in Tuesday trading.Earnings per share came in at SG$0.089 compared with SG$0.072 in the year-ago period.Revenue climbed year over year to SG$3.27 billion from SG$3.00 billion.The company declared an interim dividend of SG$0.02 and a final dividend of SG$0.05 per share, to be paid on Aug. 6.

SATS Ups Stake in Nanjiang Weizhou Airline Food to 90%

SATS (SGX:S58) acquired an additional 40% stake in Nanjing Weizhou Airline Food, taking its overall stake in the Chinese producer and distributor of airline meals to 90%, according to a Wednesday filing with the Singapore Exchange.The acquisition is part of the company's strategy to consolidate operational control of the producer of frozen aviation meals.