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1SEO title: SATS Ltd (SATS SP): Embedded Resilience & FY26F Outlook | CGS International Report
2
3Here’s a summary of the SATS Ltd (SATS SP) analysis from the CGS International report:
4
5* **Recommendation:** The report reiterates an “Add” rating for SATS Ltd with a higher target price (TP) of S\$3.60 [[1]].
6* **Financial Performance:** 4QFY3/25 net profit was S\$38.7m, slightly ahead of estimates. Revenue growth remained consistent. SATS’s cargo tonnage has outpaced global cargo demand, indicating market share gains [[1]].
7* **FY26F Outlook:** SATS’s growing market share is expected to support earnings growth in FY26F, even with potential trade tensions. Cargo volumes are expected to grow due to market share gains, offsetting potential softening cargo demand in the latter half of FY26F [[1]].
8* **Earnings Estimates:** FY26F-27F EPS estimates are lifted by 7.9-8.5%, and FY28F estimates are introduced, implying a 3-year earnings CAGR of 15.0% [[1]].
9* **Valuation:** The TP of S\$3.60 implies 17.3x FY27F P/E, similar to its pre-Covid-19 mean [[2]].
10* **Key Risks:** Margin compression from weaker operating leverage due to softening cargo volumes and a decline in the aviation travel industry due to an economic downturn [[1]].
11* **ESG:** SATS maintains a B- ESG combined score by LSEG, with a slight improvement in its Environmental pillar score [[5]].
12* **Financial Summary:** Revenue, Operating EBITDA, and Net Profit are projected to increase through Mar-28F. Core EPS is also expected to grow [[1]]
May 27, 2025
CGS International May 26, 2025 SATS Ltd: Embedded Resilience to Tide Through FY26F – Market Share Gains Offset Global Cargo Weakness SATS Ltd: Overview of…
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1Okay, here’s an attempt to create an SEO title and answer potential user questions based on the provided document:
2
3**SEO title:**
4SEO title: SATS Ltd (SATS SP): Embedded Resilience & FY26F Outlook – CGS International Analysis
5
6**Analysis based on the document:**
7
8Based on the document provided, here’s a summary of key points and potential user questions with answers:
9
10**Key Points:**
11
12* **Company:** SATS Ltd (SATS SP)
13* **Recommendation:** Reiterate Add
14* **Analyst:** TAY Wee Kuang and LIM Siew Khee, CGS International
15* **Key Themes:** Embedded resilience, cargo market share gains, FY26F outlook
16* **Target Price:** S\$3.60
17* **ESG:** Rated B- by LSEG
18
19**Potential User Questions & Answers:**
20
21**Q: What is the overall recommendation for SATS Ltd?**
22A: CGS International reiterates an “Add” recommendation for SATS Ltd. [[1]]
23
24**Q: What is the target price for SATS Ltd, and who set it?**
25A: The target price is S\$3.60, set by CGS International. [[1]]
26
27**Q: What is the basis for the target price?**
28A: The target price is DCF-based (Discounted Cash Flow), with a WACC of 12.2%. [[1]]
29
30**Q: What are the key factors driving the “Add” recommendation?**
31A: The key factor is SATS’s growing market share in cargo handling, which is expected to support earnings growth in FY26F, even with potential global cargo demand weakness. [[1]]
32
33**Q: What is SATS’s ESG rating?**
34A: SATS has an ESG combined score of B- by LSEG. [[1, 5]]
35
36**Q: What were SATS’s 4QFY3/25 financial results?**
37A: SATS reported a 4QFY3/25 net profit of S\$38.7m (+18.3% yoy). Revenue was S\$1.48bn (+10.4% yoy). [[1]]
38
39**Q: What are the potential risks to SATS’s performance?**
40A: Downside risks include margin compression from weaker operating leverage due to softening cargo volumes and a decline in the aviation travel industry due to an economic downturn. [[1]]
41
42**Q: What is the dividend payout?**
43A: SATS declared a final DPS of 3.5 Scts, bringing FY25 total DPS to 5.0 Scts, representing a payout ratio of 30.6%. [[1]]
44
45**Q: What is the earnings growth outlook?**
46A: The report anticipates a 3-year earnings CAGR of 15.0%. [[1]]
47
48**Q: Has the analyst revised earnings estimates?**
49A: Yes, FY26F-27F EPS estimates have been increased by 7.9-8.5%. FY28F estimates are introduced. [[1]]
50
51**Q: What are the catalysts for a potential re-rating?**
52A: Potential re-rating catalysts include an expanded footprint for cargo operations supporting new contract wins and a faster step-up in utilization of its new central kitchens across China and India. [[1]]
53
54**Q: What is SATS’s market capitalization?**
55A: The market cap is US\$3,444m / S\$4,428m. [[1]]
56
57**Q: Who are the major shareholders of SATS?**
58A: Temasek Holdings is a major shareholder, holding 40.4%. [[1]]
59
60**Q: What is SATS’s revenue in Mar-25A?**
61A: SATS’s revenue in Mar-25A is S\$5,821 million. [[1]]
62
63**Q: What are the peers of SATS?**
64A: Airports of Thailand is a peer. [[4]]
65
66**Q: What is the forecast dividend yield for Mar-26F?**
67A: The forecast dividend yield for Mar-26F is 1.85%. [[1]]
May 26, 2025
CGS International May 26, 2025 SATS Ltd: Embedded Resilience to Tide Through FY26F Key Takeaways from SATS Ltd’s 4QFY3/25 Performance SATS Ltd reported a 4QFY3/25…
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