- Admittedly, FY26F will be a tough year for SATS, but we view it as a transitory and believe investors should focus on the more normalised earnings profile expected in FY27F.
4QFY25 core net profit met expectations.
- - Read this at SGinvestors.io -
- Adjusting for these, FY25 headline net profit would have reached S$249.5mil (+332% y-o-y), meeting DBS’ and beating the street’s. Meanwhile, SATS's full-year core net profit of ~S$261mil was in line.
FY25 top-line slightly above expectations.
- - Read this at SGinvestors.io -
- Ground handling revenue was flat y-o-y despite a 5.8% y-o-y rise in flights handled, as revenue per flight was distorted by last year’s spike in volumes tied to major events (e.g. Taylor Swift and Coldplay concerts).
- The food solutions segment posted strong revenue growth of 11.4% y-o-y in 4QFY25, supported by a 9.3% y-o-y increase in aviation meal volumes and an 11.8% y-o-y rise in aviation food ASPs.
Segmental performance was mixed.
- Read more at SGinvestors.io.
