• 4Q26/FY26 PATMI was 18%/100% of FY26e forecast. 4Q26 Revenue/PATMI grew 9.8%/31.0% YoY to S$1.6bn/S$50.7mn. This was driven by the gateway services segment (cargo and ground handling), which saw revenue grow 11.5% YoY to S$1.3bn in 4Q26. However, the food solutions segment EBITDA margin dipped 2.1 ppts to 10.2%, due to higher ingredient and packaging costs.
• Cargo revenue was up 8.4% to S$809mn (50% of 4Q26 revenue), and ground handling revenue surged 17.3% to S$467mn (29% of 4Q26 revenue). Cargo volumes grew 4.7% YoY to 2.35mn tonnes due to strong growth in the EMEAA (up 9.1% YoY) and APAC (up 9.4% YoY) markets. The ground handling segment saw a 10.6% YoY rise in flights handled to 174.5k.
• We raise FY27e PATMI by 8% on higher gateway services revenue due to new contract wins. We maintain a BUY rating and raise our DCF target price to S$4.52 (Prev: S$4.44). With the ramping of its new facilities in Tianjin, Bangalore and Thailand, we expect higher utilisation and improved margins ahead of management’s 20% EBITDA margin target by FY29. SATS trades at an 18.3x FY27e P/E.

Overview BLOKS is a leader in China’s assembly character toys market. The company holds over 500 patents, possesses original IP capabilities, and has non-exclusive licenses for approximately 50 well-known IPs. Its product positioning is “high quality at a reasonable price.” Leveraging its product strength and supply chain advantages, BLOKS maintains cost competitiveness while continuously expanding its product categories. The company has established a multi-channel sales network, and since 2022, has primarily focused on offline channels centered on distributors. According to...
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Company Profile Geely is one of the leading enterprises in China's self-brand passenger vehicles manufacturers. The Company's products include six major brands: Geely, Lynk, Zeekr, covering the A0 to C-class passenger vehicles market. Investment Summary 26Q1 Sales Remained Largely Flat, with Premiumisation Strategy Showing Bright Spots In the first quarter of 2026, Geely Auto delivered a cumulative 709.4 thousand vehicles, up 0.8% yoy, setting a new record high for the same period in history and regaining the top position among...
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