SATS - Maybank Research 2026-05-26: Long-Term Growth Intact

• SATS (SGX:S58) reported FY26 PATMI of S$285.2m (+17.0% y-o-y), in line with our estimates. The result was underpinned by record revenue of S$6.35b (+9.0% y-o-y), driven by resilient cargo and gateway operations despite ongoing geopolitical disruptions.

• - Read this at SGinvestors.io -

Temporal margin disruption

• SATS' FY26 group revenue rose 9.0% y-o-y to a record S$6.35bn, driven by resilient cargo and gateway operations. Cargo tonnage and flights handled increased 7.0% and 3.2% y-o-y, respectively, while aviation and non-aviation meals served grew 4.1% and 2.2% y-o-y, respectively. 2HFY26 operating profit rose 10.7% y-o-y to S$260.7m despite ongoing Middle East tensions, although 4Q26 EBITDA margin compressed 0.9ppt y-o-y to 16.5% due to operational disruptions and ramp-up costs.

• - Read this at SGinvestors.io -

Network and rerouting offset Middle East impact

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

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