SATS - DBS Research 2026-03-02: Cargo Strength Drives Earnings Beat In 3QFY26 With Firm Momentum Into FY27

• SATS (SGX:S58) reported 3QFY26 PATMI of S$84.7mil (+7.3% q-o-q, +20.3% y-o-y), bringing 9MFY26 PATMI to S$234.5mil, equivalent to 81% of our FY26 estimate and 85% of consensus, tracking in line with our projections and running ahead of the street.

3QFY26 results above expectations due to cargo outperformance.

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• This quarter marked the ninth consecutive quarter SATS outperformed industry growth, with total cargo volumes up 10.6% vs industry 4.6%, reflecting the group’s ability to leverage its integrated SATS–WFS global network to win contracts such as Turkish and Emirates in the US, while deepening wallet share across with existing customers.
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Food solutions top-line flattish

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Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Read also DBS's most recent report:
2026-04-30 SATS - Fundamentals Intact, Multiple De-rating Overdone.

Price targets by 4 other brokers at SATS Target Prices.

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Relevant links:
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SATS Dividend Payout Dates & Corporate Actions,
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