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Sats is prudent to hold off food hub construction
It says disruptions in the global supply chain have amplified the rise in materials pricing while construction and labour costs surge on inflationary pressures
SATS : S58 +0.99% has decided not to proceed with the development of a food hub on a site in the Jurong Innovation District, two years after a high-profile ground-breaking ceremony in April 2022.
Announcing the decision last month, Sats pointed out that disruptions in the global supply chain have amplified the rise in costs of materials and escalating inflationary pressures have driven up construction and labour costs.
The five-storey building called Sats Food Hub was originally slated for completion in 2024, complete with facilities for food manufacturing and production kitchens. There were also plans for an innovation lab, a warehousing and logistics centre, a food court and an experiential centre.
The ground handler and caterer has an institutional catering business with customers including hospitals, care facilities, pre-schools and student care centres. The plan was for its institutional catering businesses at several JTC-leased premises located at Pandan Loop to transfer to the Sats Food Hub.
The total development costs for the food hub, including equipment, was projected to be S$150 million. The estimated lease cost was about S$42.6 million for 30 years and the tenure had begun in 2022.
In its update, Sats did not disclose details on the magnitude of the surge in construction and labour costs. Neither was there any mention of compensation paid for breaking the 30-year lease of the Jurong site.
However, the company did say that the move is not expected to have a material impact on the consolidated net tangible assets and earnings per share of the inflight catering and ground handling group for the financial year to March 2025.
It is probable that the Sats Food Hub vision is still on the mainboard-listed player&rsquo s radar though, as Sats said that it is evaluating identified sites as alternative locations for the proposed hub.
While no details have been given on the alternatives, an educated guess is that this option will save the budget-conscious Sats a considerable sum in construction costs if an existing facility is leased, rather than built from scratch.
Sats to partner Japan&rsquo s Mitsui in expanding its food solutions business
The Building and Construction Authority data showed that tender prices jumped by 32.4 per cent between 2020 and 2023, or up 13.9 per cent year on year in 2021, 11.6 per cent in 2022 and 4.1 per cent in 2023.
When Sats decided on the construction of its food hub, it probably did not expect that cost would escalate a further 16 per cent.
The decision on the food hub project also probably preceded Sats&rsquo acquisition of air cargo handler Worldwide Flight Services (WFS), which was announced in September 2022 and completed in April 2023.
The acquisition saddled Sats with a high debt level as it was made at an enterprise value of 2.3 billion euros (S$3.4 billion) including WFS&rsquo 1.1 billion euros of bonds.
Sats&rsquo net debt to equity rocketed to 1.3 times after acquisition as at end-FY2024 to March, over three times of FY2023&rsquo s 0.4 times.
Sats had free cash flow of S$326.5 million for FY2024, but the net cash from operating activities less cash purchases of capital expenditure would be a negative S$48.2 million if lease payments are taken into account.
Another factor is the relative importance of inflight and institutional catering to the entire business.
While Sats is in the business of food manufacturing and supplying, the proportion that this segment, which includes inflight and institutional catering, contributes to total revenue has shrunk. It has dropped to 21.5 per cent in FY2024 from 49.4 per cent in FY2023. Ground handling and cargo handling account for most of the other contributions.
On the profitability front, Sats&rsquo food business is also turning out to be less lucrative. In FY2024, the operating profit margin from food solutions was 2.5 per cent, compared with 6.2 per cent from ground handling and cargo handling.
Overall, looking at the split between aviation and non-aviation, the contribution to total revenue from non-aviation operations decreased to 8.6 per cent in FY2024 from 26.8 per cent the year before.
At the time Sats held its food hub ground-breaking, it expected non-travel business to account for 35 per cent of total revenue by 2025 after the ground handler and inflight caterer turned its focus to the non-travel-related food business when the pandemic hit in 2020.
Sats offered no breakdown of aviation and non-aviation food solutions contributions but it is now likely to be generating a smaller proportion of its revenue from non-aviation food business as aviation recovers and air cargo has ramped up.
The growth prospects for aviation are likely to be stronger than for the food business, which is largely domestic focused.
Given its current gearing and business focus, Sats has taken a prudent decision, indeed, not to proceed with the food hub construction and explore more cost-efficient options.
sats 1h
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SGX Penny Stocks (EW Charts by sgYuan):
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wc 317 hit 316
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prev breakdn 61.8 324
wc 317 hit 316
and another wabc dn
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Today XD -1.5cents, drop 1.5cents
Sats lifts off as global air cargo and air travel soar
SINGAPORE - What a difference a couple of years make.
Two years ago, aviation and airport services specialist Sats was panned by analysts and investors after it announced plans to buy its much larger global rival Worldwide Flight Services (WFS).
The 2022 $1.8 billion deal saw Sats take on huge loans, issue new shares and use up much of its cash. The company raised some $800 million from a renounceable rights issue, thus diluting the stock and sending it plunging it to half its lofty levels of around $5 prior to the Covid-19 pandemic.
Sats also took a three-year euro-denominated loan for about $700 million, and used its own cash for the balance.
Despite the fact that the acquisition would create a global air cargo and service giant with ground handling stations in more than 20 countries, critics panned the takeover as a highly risky move, given that many other global mergers and acquisitions &ndash including the Chrysler/Daimler, eBay/Skype, Nokia/Google and others &ndash had failed. The fear was that Sats was biting off more than it would be able to chew.
They got it wrong.
Today, Sats is the world&rsquo s largest air cargo operator, controlling a network of more than 200 cargo nodes spanning America, Europe and the Asia-Pacific. It also increasingly dominates the space for aviation passenger, food and ground services.
According to Sats chief executive Kerry Mok, the integration of Sats and WFS has progressed more smoothly and quickly than anticipated.
The management structure has been reshaped and smoothened out, with senior executives of both companies operating side by side to advance the interest of the enlarged global entity across all businesses and geographies.
In business, as in life, timing is everything.
Not only did Sats acquire WFS and successfully integrate it, it did so just as global aviation was taking off strongly after the pandemic. As the deal was completed in April 2023, global supply chains were stretched and &ldquo revenge travel&rdquo was furiously taking off. Demand for air cargo services and seats shot through the roof. Since then, global air travel and air cargo numbers have surpassed pre-pandemic levels and hit record levels.
The results showed in Sats&rsquo latest full-year numbers.
Sats&rsquo net profit for the year to end-March 2024 came in at $56.4 million, a turnaround from a loss of $26.5 million a year earlier, and beating analysts&rsquo consensus expectations by 14 per cent.
Revenue almost trebled to $5.15 billion from $1.76 billion. The company also resumed dividend payment, declaring a final dividend of 1.5 cents per share. It paid no dividend the previous year.
Analysts note that the results would have been even better if not for about $19 million in foreign exchange translation losses.
Sats&rsquo growth continues as the aviation operating environment continues to boom.
The International Air Transport Association (Iata) recently released data for May 2024 global air cargo markets showing continuing strong annual growth in demand. Total demand, measured in cargo tonne-kilometres, rose by 14.7 per cent compared with May 2023 levels, marking the sixth consecutive month of double-digit year-on-year growth.
Much of this is being driven by global trade growth, booming e-commerce and capacity constraints on maritime shipping in places like the Suez and Panama canals. But interestingly, the surge in air cargo traffic has also exceeded the growth seen in trade and production metrics, which suggests that although trade and production numbers may be steady, more and more goods are being shipped by air.
Meanwhile, on the passenger side, air travel numbers continue to soar. As at February 2024, global revenue passenger kilometres (RPK) had surpassed pre-2019 levels.
The latest Iata numbers show passenger demand was up 10.7 per cent year on year in May and global RPK is expected to grow 11.6 per cent as total passenger numbers soar.
Passenger traffic growth is also driving inflight catering numbers. Sats does both in-flight catering and produces non-aviation meals &ndash both frozen foods and ready to eat.
The number of inflight meals provided by Sats surged by 41.5 per cent in 2023, while non-aviation meals grew 12 per cent. Overall, Sats&rsquo Food Solutions revenue grew 27.4 per cent to $1.1 billion for the financial year just ended. The numbers for 2024 are expected to be even stronger.
Sats last week announced an expansion of its existing partnership with Mitsui into their food and retail solutions businesses. The Japanese company will acquire a 15 per cent stake in this partnership for $36.4 million, which will support the growth and expansion of Sats Food Solutions India, Sats Food Solutions Thailand, Sats Tianjin and Country Foods.
Sats&rsquo highest revenue before its WFS acquisition would probably have been for the year ended March 2020, just as a pandemic hit. Analysts reckon that if not for the pandemic, annual revenue for year ended March 2021 would have been in the region of $2 billion.
The bounce-back has been remarkable. For the six months to March 2024, with the integration of WFS taken into account, revenue was already at $2.7 billion. The next six months to September 2024 is expected to be much higher.
Just as timing matters, in this business, size matters as well.
Today, Sats is the world&rsquo s biggest air cargo handler and leading ground services provider. And, being the world&rsquo s biggest, Sats can always sacrifice margin for more revenue. Or it can decide to focus more on profitability. Either way, its dominance gives the company options to make more money.
Management appears confident that Sats can increase revenue by about 60 per cent to $8 billion by 2028. This would further cement its position as the undisputed global leader in air cargo and aviation services.
But here is the thing. There is no other company listed in Singapore that can claim it is the &ldquo world&rsquo s biggest&rdquo in any trade.
Having figuratively made it through the crucible, Sats is firing on all cylinders now. Its stock price has performed well over the past month. But it is still cheap for a global leader. While the company is almost three times bigger than it was in 2019, its stock is trading at less than two-thirds its price compared with four years ago.
ST understands that analysts who recently upgraded the stock with year-end target prices ranging from $3.20 to $3.60 are currently looking at rerating the stock as the operating environment continues to boom.
Despite its gains, Sats&rsquo stock has been somewhat of a laggard in 2024 compared with other Singapore-listed blue chips and marquee names. But judging by the stock&rsquo s movement in recent weeks, the smart money could be starting to wake up to Sats&rsquo potential.
https://www.straitstimes.com/business/companies-markets/sats-lifts-off-as-global-air-cargo-and-air-travel-soar
SINGAPORE - What a difference a couple of years make.
Two years ago, aviation and airport services specialist Sats was panned by analysts and investors after it announced plans to buy its much larger global rival Worldwide Flight Services (WFS).
The 2022 $1.8 billion deal saw Sats take on huge loans, issue new shares and use up much of its cash. The company raised some $800 million from a renounceable rights issue, thus diluting the stock and sending it plunging it to half its lofty levels of around $5 prior to the Covid-19 pandemic.
Sats also took a three-year euro-denominated loan for about $700 million, and used its own cash for the balance.
Despite the fact that the acquisition would create a global air cargo and service giant with ground handling stations in more than 20 countries, critics panned the takeover as a highly risky move, given that many other global mergers and acquisitions ? including the Chrysler/Daimler, eBay/Skype, Nokia/Google and others ? had failed. The fear was that Sats was biting off more than it would be able to chew.
They got it wrong.
Today, Sats is the world?s largest air cargo operator, controlling a network of more than 200 cargo nodes spanning America, Europe and the Asia-Pacific. It also increasingly dominates the space for aviation passenger, food and ground services.
According to Sats chief executive Kerry Mok, the integration of Sats and WFS has progressed more smoothly and quickly than anticipated.
The management structure has been reshaped and smoothened out, with senior executives of both companies operating side by side to advance the interest of the enlarged global entity across all businesses and geographies.
In business, as in life, timing is everything.
Not only did Sats acquire WFS and successfully integrate it, it did so just as global aviation was taking off strongly after the pandemic. As the deal was completed in April 2023, global supply chains were stretched and ?revenge travel? was furiously taking off. Demand for air cargo services and seats shot through the roof. Since then, global air travel and air cargo numbers have surpassed pre-pandemic levels and hit record levels.
The results showed in Sats? latest full-year numbers.
Sats? net profit for the year to end-March 2024 came in at $56.4 million, a turnaround from a loss of $26.5 million a year earlier, and beating analysts? consensus expectations by 14 per cent.
Revenue almost trebled to $5.15 billion from $1.76 billion. The company also resumed dividend payment, declaring a final dividend of 1.5 cents per share. It paid no dividend the previous year.
Analysts note that the results would have been even better if not for about $19 million in foreign exchange translation losses.
Sats? growth continues as the aviation operating environment continues to boom.
The International Air Transport Association (Iata) recently released data for May 2024 global air cargo markets showing continuing strong annual growth in demand. Total demand, measured in cargo tonne-kilometres, rose by 14.7 per cent compared with May 2023 levels, marking the sixth consecutive month of double-digit year-on-year growth.
Much of this is being driven by global trade growth, booming e-commerce and capacity constraints on maritime shipping in places like the Suez and Panama canals. But interestingly, the surge in air cargo traffic has also exceeded the growth seen in trade and production metrics, which suggests that although trade and production numbers may be steady, more and more goods are being shipped by air.
MORE ON THIS TOPIC
Sats to expand partnership with China?s SF Group to more global locations
Sats to partner Japan?s Mitsui in expanding its food solutions business
Meanwhile, on the passenger side, air travel numbers continue to soar. As at February 2024, global revenue passenger kilometres (RPK) had surpassed pre-2019 levels.
The latest Iata numbers show passenger demand was up 10.7 per cent year on year in May and global RPK is expected to grow 11.6 per cent as total passenger numbers soar.
Passenger traffic growth is also driving inflight catering numbers. Sats does both in-flight catering and produces non-aviation meals ? both frozen foods and ready to eat.
The number of inflight meals provided by Sats surged by 41.5 per cent in 2023, while non-aviation meals grew 12 per cent. Overall, Sats? Food Solutions revenue grew 27.4 per cent to $1.1 billion for the financial year just ended. The numbers for 2024 are expected to be even stronger.
Sats last week announced an expansion of its existing partnership with Mitsui into their food and retail solutions businesses. The Japanese company will acquire a 15 per cent stake in this partnership for $36.4 million, which will support the growth and expansion of Sats Food Solutions India, Sats Food Solutions Thailand, Sats Tianjin and Country Foods.
Sats? highest revenue before its WFS acquisition would probably have been for the year ended March 2020, just as a pandemic hit. Analysts reckon that if not for the pandemic, annual revenue for year ended March 2021 would have been in the region of $2 billion.
The bounce-back has been remarkable. For the six months to March 2024, with the integration of WFS taken into account, revenue was already at $2.7 billion. The next six months to September 2024 is expected to be much higher.
Just as timing matters, in this business, size matters as well.
MORE ON THIS TOPIC
Sats forms new business unit in effort to expand Asia-Pacific presence
Sats CEO Kerry Mok?s annual pay jumps 27.9% to $2.4 million
Today, Sats is the world?s biggest air cargo handler and leading ground services provider. And, being the world?s biggest, Sats can always sacrifice margin for more revenue. Or it can decide to focus more on profitability. Either way, its dominance gives the company options to make more money.
Management appears confident that Sats can increase revenue by about 60 per cent to $8 billion by 2028. This would further cement its position as the undisputed global leader in air cargo and aviation services.
But here is the thing. There is no other company listed in Singapore that can claim it is the ?world?s biggest? in any trade.
Having figuratively made it through the crucible, Sats is firing on all cylinders now. Its stock price has performed well over the past month. But it is still cheap for a global leader. While the company is almost three times bigger than it was in 2019, its stock is trading at less than two-thirds its price compared with four years ago.
ST understands that analysts who recently upgraded the stock with year-end target prices ranging from $3.20 to $3.60 are currently looking at rerating the stock as the operating environment continues to boom.
Despite its gains, Sats? stock has been somewhat of a laggard in 2024 compared with other Singapore-listed blue chips and marquee names. But judging by the stock?s movement in recent weeks, the smart money could be starting to wake up to Sats? potential.
SgYuan ( Date: 19-Jul-2024 14:21) Posted:
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SGX Penny Stocks (EW Charts by sgYuan):
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Sats to partner Japan&rsquo s Mitsui in expanding its food solutions business
The airport-services provider&rsquo s chief executive believes the partnership will spur demand for its products in Asia
SATS : S58 -0.31% will partner Japanese trading and investment company Mitsui & Co to develop and grow their respective food and retail solutions businesses.
A wholly owned subsidiary has been established as a holding vehicle through which the two will jointly pursue potential food solutions-related investments, the airport-services provider said in a bourse filing on Thursday (Jul 18).
As part of the deal, Mitsui will pay about S$36.4 million for a 15 per cent stake in the subsidiary, Food Solutions Sapphire Holdings, which will include four of Sats&rsquo indirect wholly owned food solutions entities.
The amount also accounts for certain loans and bonds related to Sats&rsquo food solutions entities.
The deal was made on a willing-buyer, willing-seller basis, taking into consideration the current financial position and future growth prospects of the four entities, Sats said.
The company said its &ldquo strategic collaboration&rdquo with Mitsui aims to &ldquo enhance the food value chain&rdquo of both companies by leveraging Mitsui&rsquo s global network and Sats&rsquo expertise across the entire process, from raw material procurement to end-customer delivery.
The partnership will focus on expanding the food solutions business in key Asian markets through joint initiatives in product development, central kitchen production and distribution logistics, said Sats.
The aim is to unlock new opportunities and expand Sats&rsquo market reach, &ldquo boosting volumes&rdquo for the company&rsquo s operations and optimising asset utilisation rates, it said.
The move is not expected to have any material impact on the group&rsquo s consolidated net tangible assets per share or consolidated earnings per share for the current financial year ending March 2025.
In the meantime, Sats said the partnership is already yielding tangible results, especially in Mitsui&rsquo s home market, Japan.
&ldquo Several joint initiatives are currently in progress,&rdquo it said. For instance, a Sats subsidiary is in discussions with a food services subsidiary under Mitsui Group to supply food components.
The same Sats subsidiary has also begun supplying food components to prominent retail channels &ndash including Kinokuniya and JR East.
Additionally, plans are in progress to supply frozen meals to Muji Japan, with a targeted launch in Q1 2025.
Stanley Goh, Sats chief executive, said the company already has the capacity and expertise to &ldquo ideate, innovate and manufacture&rdquo a wide range of high-quality ready-to-eat food products.
Goh believes that the partnership will not only spur demand for Sats&rsquo products in Asia, it will also support Mitsui&rsquo s goal of &ldquo providing and scaling value-added services to their customers&rdquo .
Mitsui managing officer and chief operating officer of retail business, Naoharu Asaumi, added: &ldquo Mitsui and Sats aim to provide food solutions to a growing market and contribute to enriching the quality of life for the communities in Asia. (Combining both companies&rsquo expertise), we can scale this ambition.&rdquo
https://links.sgx.com/FileOpen/SGXAnn_Proposed%20Joint%20Venture_SATS%20and%20Mitsui.ashx?App=Announcement&FileID=810173
SGX Penny Stocks (EW Charts by sgYuan):
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w4 up 38.2 325
see can breakup
if cannot then w5 dn 315
sats h
w5 up 88.6 334 hit 335 and corrected
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dn 61.8 315
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Sats signs MOU with SF Group to extend partnership to more global locations
AIR cargo handler Sats : S58 -0.6% is looking to take its partnership with Chinese express delivery and logistics service provider SF Group to more global locations, under a newly signed Memorandum of Understanding (MOU).
The companies will leverage their areas of expertise and service offerings as well as those of their affiliate companies &ndash including Sats&rsquo Worldwide Flight Services and SF Group&rsquo s cargo carrier SF Airlines &ndash through strategic collaboration and supply chain optimisation, said Sats on Tuesday (Jul 16).
SF is the world&rsquo s fourth largest &ndash and China&rsquo s largest &ndash integrated logistics service provider, according to a press statement by Sats.
Sats and SF&rsquo s collaboration in existing hub operations in Singapore and e-commerce handling in Liege, Belgium will be extended to other global hubs including Kuala Lumpur, Malaysia, for a start.
The companies would also explore proof of concepts for e-commerce handling in Beijing China, and at New York&rsquo s JFK International Airport.
Additionally, they will also identify and build other network solutions or specialised services from more than 200 locations where Sats is present with SF Group&rsquo s extensive demand channels.
This came after Sats restructured its gateway services business into two new business units, Singapore Hub and Gateway Services Asia-Pacific.
The global e-commerce market is forecast to be worth US$6.3 trillion in 2024 and US$7.9 trillion in 2027, said Sats in the statement.
sats day
w5 ext up hit 78.6 333
next fib 340
w5 ext up hit 78.6 333
next fib 340
sats 1h
w5 ext up hit 333
dn 14.6 329 hold best
w5 next fib 88.6 334 338
w5 ext up hit 333
dn 14.6 329 hold best
w5 next fib 88.6 334 338
Sister SIA still accumulating around $7, up anytime to day uigb
sats 1h
w5 up 61.8 325 hit 324
dn 14.6 321 hold best w5 up next fib
fib 61.8 325
fib 78.6 331
w5 up 61.8 325 hit 324
dn 14.6 321 hold best w5 up next fib
fib 61.8 325
fib 78.6 331
Will SATS cross 4.00 in 2024? I won' t bet against it.
watchit ( Date: 09-Jul-2024 10:45) Posted:
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sats 1h
dn 14.6% 303 hold w5 start early
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dn 14.6% 313 hold best
dn 14.6% 303 hold w5 start early
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dn 14.6% 313 hold best
Sats restructures gateway services business to form two new units
This reflects the company&rsquo s strategic decision to continue investing in Singapore
GATEWAY services and in-flight catering solutions provider Sats has restructured its gateway services business to form two new business units, Singapore Hub and Gateway Services Asia-Pacific.
On Wednesday (Jul 10), the group said this move reflects its strategic decision to continue investing in Singapore, while scaling its international presence to capture growth opportunities overseas.
Each unit will target growth in &ldquo distinct and important market segments&rdquo , it added.
Singapore Hub will focus on driving aviation hub competitiveness in Singapore. Sats said that focusing on Singapore as a standalone market would strengthen the group&rsquo s ability to support current and future needs for Singapore&rsquo s air hub, which groups Changi Airport, Seletar Airport and the aviation industries at these gateways.
Sats president and chief executive officer, Kerry Mok, said this new unit represents the group&rsquo s &ldquo commitment to ensure the continued success of Singapore&rsquo s aviation sector and Changi Airport by providing Singapore&rsquo s airports with safe and efficient operations around the clock&rdquo .
The other new business unit, Gateway Services Asia-Pacific, will concentrate on growing Sats&rsquo Asia-Pacific market share and manage the group&rsquo s operations in overseas airports, including its network of overseas stations through its subsidiaries, joint ventures and associates.
Sats chief operating officer Henry Low will chief executive of Singapore Hub, and Bob Chi, currently chief executive of the gateway services division, will be re-designated chief executive of Gateway Services Asia-Pacific.
Both appointments take effect on Oct 1.
Mok said: &ldquo I am confident Bob has the experience, drive and network that will place Gateway Services Asia-Pacific on a strong footing to create long-term value for Sats through increased market share in the international arena.&rdquo
DBS analyst Jason Sum said the restructuring of Sats&rsquo gateway services business is &ldquo not considered material&rdquo , though he sees the move as consistent with the group&rsquo s strategy of expanding its geographical presence in cargo handling.
He said in an email to The Business Times: &ldquo Having two separate business units enables Sats to present itself as more locally focused and client-centric in both domestic and international arenas. This structure can significantly enhance its competitiveness and ability to secure commercial wins in these distinct markets.&rdquo
In his view, having separate units enables Singapore Hub to &ldquo focus entirely on maintaining and enhancing operations within Singapore, tailoring its services to meet local demands and regulatory requirements&rdquo .
&ldquo Meanwhile, Gateway Services Asia-Pacific will concentrate on understanding and meeting the diverse needs of international markets in the Asia-Pacific. This specialisation can lead to increased adaptability and more effective, customised solutions that are attractive to clients,&rdquo he added.
https://www.theedgesingapore.com/news/aviation-engineering/sats-revamps-gateway-services-business-fuel-growth-singapore-and-apac
sats day
wc ext or w3 up 61.8% 301 extended
px hit 214.6% 307
next fib 238.2% 309
dn 14.6% 301 hold best w3 up continues
w4 dn 38.2% 298
w5 up 61.8% 320
main w5 up 61.8% 322
wc ext or w3 up 61.8% 301 extended
px hit 214.6% 307
next fib 238.2% 309
dn 14.6% 301 hold best w3 up continues
w4 dn 38.2% 298
w5 up 61.8% 320
main w5 up 61.8% 322