- SATS (SGX:S58)'s 3Q26/9M26 PATMI exceeded our expectations, at 34%/94% of FY26e forecast. Cargo volumes grew 7.3% y-o-y in 3Q26 to 2.6mil tonnes due to strong growth in Europe and APAC.
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- Revenue/PATMI grew 8%/20.4% y-o-y to S$1.6bn/S$84.7mil in 3Q26, driven by a 7.3% cargo volume growth to 2.6mil tonnes. Europe and APAC routes offset a 7% decline in the Americas (up 3% LFL after normalising for contractual changes).
The positives
Strong cargo operations.
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- Semiconductor and AI-related time-sensitive cargo continue to underpin the growth in cargo volumes. Further cargo growth in the Americas is expected to be buoyed by e-commerce platforms like Amazon, which showed mid-teens growth across 13 US cargo stations.
New contract wins alongside capex and leasing initiatives.
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