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SATS Ltd Cash as eye candy

3Q12 below expectations on higher costs Expect lackluster 4Q earnings due to macro headwinds FY12/13F earnings cut by 12%/7%, but high cash level is eye candy for potential payout Maintain Hold, TP lowered to S$2.48 3Q12 weak on higher costs. 3Q12 net profit declined by 25% y-o-y to S$38.2m on flat revenue as expenses rose ...

 

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