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Thursday, February 19th, 2026

Category: Market Updates

Market UpdatesSingapore SGX stocks

Pan-United Corp (PAN SP): FY26-28F Revenue Growth Forecast, Infrastructure Tailwinds, and ESG Leadership

minichart
May 27, 2025

CGS International May 26, 2025 Pan-United Corp Ltd: Riding the Construction Tailwinds with Volume Growth and Low-Carbon Concrete Investment Summary FY26F-28F revenue growth is expected to be supported by higher institutional & civil engineering...

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Market UpdatesREITS SGstock of the day

📉 Are More S-REITs Heading for the Exit? FHT, Paragon Reit Privatisations Signal Strategic Shift Amid Tough Market Conditions

minichart
May 27, 2025

The recent announcements of Frasers Hospitality Trust (FHT) (SGX:ACV) and Paragon Reit (SGX:SK6U) opting to go private have ignited debate about the long-term sustainability of Singapore-listed REITs, especially those focused on traditional property sectors....

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Market UpdatesREITS SGSingapore SGX stocks

📉 Frasers Property’s Bid to Privatise FHT Raises Tough Questions About Strategy and Shareholder Value

minichart
May 27, 2025

Frasers Property’s (SGX:TQ5) second attempt to privatise Frasers Hospitality Trust (FHT) (SGX:ACV) may offer minority investors a financially reasonable exit — but it does little to solve the strategic conundrum faced by the property...

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Hong Kong stocksIPOMarket Updatesstock of the day

Shouhui Group’s IPO: Riding the Wave of China’s Digital Insurance Boom

minichart
May 27, 2025

📢 Shouhui Group (02621.HK) IPO: A Deep Dive into the Upcoming Listing 📌 IPO Snapshot Offer Price Range: HK$6.48 to HK$8.08 per share Board Lot Size: 400 shares Entry Fee: Approximately HK$3,264.59 Total Shares...

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Market UpdatesSingapore SGX stocksstock of the day

Centurion Shines as Small-Cap Standout Amid Dormitory Demand and REIT Prospects

minichart
May 26, 2025

Centurion Shines as Small-Cap Standout Amid Dormitory Demand and REIT ProspectsStock delivers 41.8% YTD return, outperforming STI as investors eye growth, asset monetisation Centurion Corporation is emerging as a small-cap gem on the back...

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Market UpdatesSingapore SGX stocks

Yangzijiang Shipbuilding (YZJSB) Stock Analysis: Full Yard Till 2028, Order Outlook, and TP – May 2025

minichart
May 26, 2025

CGS International May 23, 2025 Yangzijiang Shipbuilding: Full Yard Through 2028 Signals Strength Amidst Tariff Uncertainty Yangzijiang Shipbuilding (YZJSB) faces a mixed outlook as it navigates trade tensions and potential shifts in order placement...

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Market UpdatesSingapore SGX stocks

Singapore Retail Research: Hong Leong Asia Ltd Uptrend & Yangzijiang Shipbuilding Outlook (May 2025)

minichart
May 26, 2025

CGS International Retail Research May 26, 2025 Trendspotter: Crypto Resilience Amidst Market Turmoil & Hong Leong Asia’s Steady Uptrend Idea of the Day: Hong Leong Asia Ltd – Uptrend Intact and Steady Hong Leong...

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Market UpdatesSingapore SGX stocks

text Download Copy code 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]]

minichart
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 net profit of S\$38.7m, which is an 18.3% year-over-year...

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Bursa KLSE stocksMarket Updates

Bumi Armada (BAB MK) 1Q25 Results: Core Net Profit Misses Expectations, Target Price Lowered to RM0.79 | 2025 Outlook & Analysis

minichart
May 23, 2025

Broker: Phillip Research Sdn Bhd (Malaysia) Date of Report: 23 May 2025 Bumi Armada 1Q25 Results: Earnings Miss, Forecasts Cut, But BUY Maintained Amid FPSO Challenges Introduction: Bumi Armada Delivers Mixed 1Q25 Results Bumi...

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Hong Kong stocksMarket UpdatesSingapore SGX stocks

Singapore Market Update: Hongkong Land’s Strategic Moves, Metro Holdings’ Losses & Institutional Fund Flows – May 2025 Insights

minichart
May 23, 2025

Broker: Lim & Tan Securities Date of Report: 23 May 2025 Singapore Market Insights: Key Stock Picks, Fund Flows, and Sector Performance for May 2025 Market Overview: STI Performance and Global Market Snapshots The...

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