OCBC Investment Research in a Nov 25 research report says: “We believe that SATS, having the largest airport services network in Asia, is well-positioned to ride the aviation market recovery. We are initiating coverage on SATS with a buy rating and $3.29 fair value, based on DCF (FCFE) valuation model. Our fair value estimate implies a valuation of 19.4x FY10F EPS and 17.7x FY11F EPS.