SATS - DBS Research 2026-05-28: Steady As She Cargoes

• SATS (SGX:S58)'s FY26 results beat expectations, with core PATMI rising 14.1% y-o-y to S$298.5mil, ~3.6% ahead of consensus, driven by stronger cargo and flight handling volumes alongside Gateway margin expansion, partly offset by weaker Food margins.

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FY26 results exceeded expectations despite late-quarter disruption, supported by stronger volumes and margin expansion.

• SATS's 4QFY26 core PATMI increased 65.5% y-o-y to S$64.0mil, while FY26 core PATMI rose 22.4% y-o-y to S$298.5mil, ~3.6% ahead of consensus after adjusting for JV impairment charges. Revenue grew 9.8% y-o-y in 4QFY26 and 9.0% y-o-y for FY26 to a record S$6.35bn, supported by stronger-than-expected operating performance across both segments.

• - Read this at SGinvestors.io -

Underlying demand indicators remain healthy.

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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/.

Previous report by DBS:
2026-04-30 SATS - Fundamentals Intact, Multiple De-rating Overdone.

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