Phillip Securities maintained its Buy Call on SATS with the same target price of S$2.96. This is based on SATS' winning bid to operate the new Singapore International Cruise Terminal at Marina South through the consortium Creuers del Port de Barcelona. The Singapore International Cruise Terminal is scheduled to be completed soon by end 2011 and works started in 2009.
The 28,000 sqm terminal is one of the largest in Asia and is able to handle 6,800 passengers at one time with the ability to also host the world's largest Oasis-class cruisers.
With the winning bid, SATS is expected to expand its hospitality business and develop synergies with its existing airport ground handling operations.
At the close of today, SATS was trading at S$2.19.
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