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We have greater confidence in management's ability to deliver its FY29E financial targets as multiple growth drivers become increasingly visible, warranting a lower execution risk premium. Accordingly, we lower our WACC from 10.6% to 10.0% and raise our FY26-27E earnings forecasts by 2.5%/9.7%, respectively, to reflect the meaningful contribution from the Thailand central kitchen in FY27E.
- - Read this at SGinvestors.io -
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Despite the recent rally, SATS's share price is trading at an attractive 21x FY27E P/E with a 1.5% dividend yield.
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We maintain BUY and raise our DCF-based SATS's target price to S$5.09.
Visible progress towards FY29 aspirations
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Management reaffirmed that the group remains on track to achieve its FY29 targets of revenue exceeding S$8bn, EBITDA margin of at least 20% and ROE of 15%, supported by sustained market share gains in air cargo, improving utilisation across food solutions network and selective inorganic expansion into new cargo hubs.
- - Read this at SGinvestors.io -
The next leg of growth is taking shape
- 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/.
Liu Miaomiao Maybank Research | Eric Ong Maybank Research | https://www.maybanktrade.com.sg/ 2026-07-01
Previous report by Maybank:
2026-05-26 SATS - Long-Term Growth Intact.
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
