Broker Name: CGS International Securities
Date of Report: November 14, 2025

Excerpt from CGS International Securities report.

• Report Summary:
• SATS Ltd delivered a record quarter, with 1HFY26 net profit after tax and minority interest (PATMI) up 17.5% year-on-year, driven mainly by strong cargo handling growth that continues to outpace global air cargo demand.
• The broker remains positive on SATS, raising its target price to S\$4.05 and expecting double-digit EPS growth through FY28, while noting further upside from food solutions ramp-up, potential for higher dividends, and downside risks from global aviation or cargo slowdowns.

Above is an excerpt from a report by CGS International Securities. Clients of CGS International Securities can be the first to access the full report from the CGS International Securities website: https://www.cgs-cimb.com/