Brokers' take

SATS | Hold (downgraded) May 21 close: S$5.09 Target price: S$5.05 UOB Kay Hian, May 21

Core net profit for Q4 FY2019 declined by 5 per cent year-on-year (yoy) to S$248.4 million, 4 per cent below our and street forecasts. Excluding S$7 million in one-off gains in FY2018, core net profit for FY2019 grew 2.2 per cent yoy.

A steep 63 per cent decline in associate earnings was the key reason behind the disappointing results.