SATS - Maybank Research 2026-03-24: Limited Direct Exposure To Middle East; Resilient To Oil Price Surge

• We view SATS (SGX:S58) as relatively resilient despite ongoing Middle East tensions, supported by its diversified global network and limited direct exposure to the region.
• The key risk lies less in direct exposure and more in second-order effects, particularly through reduced airline capacity, flight rerouting and uncertainty over jet fuel availability, which could affect schedules and cargo throughput.

Scenario analysis (oil price & duration of the tension)

• - Read this at SGinvestors.io -
• Conversely, a swift de-escalation (within a month) with oil below US$100/bbl should help normalise operations and cargo flows, supporting a 0–3% upside to FY27E PATMI on pent-up demand and market share gains.

Limited impact from removal of de minimis threshold

• Read more at SGinvestors.io.

Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Previous report by Maybank:
2026-03-14 SATS - Resilience Amidst Travel Chaos; Initiate At BUY.

Price targets by 4 other brokers at SATS Target Prices.

Listing of research reports at SATS Analyst Reports.

Relevant links:
SATS Share Price History,
SATS Announcements,
SATS Dividend Payout Dates & Corporate Actions,
SATS News