Not a sitting duck


■ SATS turned in a net profit of S$0.8m in 4Q21 vs. our expected S$11m net
loss. FY21 core net loss of S$7m is narrower than our expected S$26m.
■ Higher-than-expected non-aviation revenue, lower staff costs from
government relief and share of MI helped the performance.
■ We see buying opportunity on recent share price dip as Singapore regressed
to Phase 2. Border reopening is a catalyst. DCF TP unchanged at S$4.30.