Comment / SATS – a glimpse of light, yet little value spotted

ID 62091698 © Happystock | Dreamstime.com

You might remember it.

It was in August last year when Singapore-based SATS disclosed a collaboration agreement with an undisclosed “prominent global freight forwarder” aimed at creating “innovative cross-border services”. 

We purely guessed back then the new partner would be Kuehne + Nagel. And Kuehne + Nagel (K+N) it was, as disclosed later in October.

The ground handler’s value story ever since, however, has been mixed at best.

Trading at S$2.57 when the K+N tie-up was ...