S58 Stock Analysis: SATS | SG
Airports & Air Services | SG, Singapore | Market Cap: 5.262m SGD | 12M Return: 13.3% | SG1I52882764 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 14.3M
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.9 years of data, until 10/2026
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, ≥40 worth a closer look and ≥60 is strong.
SATS Ltd. (S58) is a Singapore-based investment holding company that provides gateway services and food solutions across Singapore, the Asia Pacific, the Americas, Europe, the Middle East, and Africa. It operates through three segments: Food Solutions (inflight and institutional catering, food processing and distribution, and airline laundry), Gateway Services (airfreight handling, passenger services, aviation security, baggage handling, apron services, and cruise terminal operations, including management of the Marina Bay Cruise Centre), and Others (rental and ancillary services).
The company sits within the GICS Airport Services sub-industry and derives revenue largely from long-term contracts and concession-based agreements with airlines, airports, and government-linked clients. At its home hub, Changi Airport, SATS operates alongside dnata as one of two principal ground handlers, a structural duopoly that shapes pricing and service scope for airfreight, passenger, and apron operations. Its Food Solutions segment is similarly tied to long-cycle aviation catering contracts, with diversification into institutional catering, healthcare, and food distribution providing some counter-cyclical exposure.
Founded in 1972 and headquartered in Singapore, SATS was formerly known as Singapore Airport Terminal Services Limited before adopting its current name in July 2010. Its customer base spans airlines, hospitality, healthcare, food, air transport, cruise, events, education, and government agencies, as well as the broader airfreight and logistics industries.
- Changi passenger traffic recovery boosts gateway services revenue
- Inflight catering volumes rebound alongside global airline capacity recovery
- Ground handling competition at Changi pressures gateway segment margins
| Net Income: 285.2m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.08 > 0.02 and ΔFCF/TA 3.46 > 1.0 |
| NWC/Revenue: -1.15% < 20% (prev -24.77%; Δ 23.61% < -1%) |
| CFO/TA 0.11 > 3% & CFO 1.03b > Net Income 285.2m |
| Net Debt (1.01b) to EBITDA (1.26b): 0.80 < 3 |
| Current Ratio: 0.97 > 1.5 & < 3 |
| Outstanding Shares: last quarter (1.48b) vs 12m ago -0.59% < -2% |
| Gross Margin: 17.40% > 18% (prev 16.35%; Δ 1.06% > 0.5%) |
| Asset Turnover: 70.68% > 50% (prev 65.53%; Δ 5.14% > 0%) |
| Interest Coverage Ratio: 2.73 > 6 (EBIT TTM 656.6m / Interest Expense TTM 240.4m) |
| DSRI: 0.92 (Receivables 975.4m/973.3m, Revenue 6.35b/5.82b) |
| GMI: 0.94 (GM 16.35% / 17.40%) |
| AQI: 0.99 (AQ_t 0.48 / AQ_t-1 0.49) |
| SGI: 1.09 (Revenue 6.35b / 5.82b) |
| TATA: -0.08 (NI 285.2m - CFO 1.03b) / TA 9.07b) |
| Beneish M = -3.10 (Cap -4..+1) = AA |
As of November 11, 2026, the stock is trading at SGD 3.90 with a total of 9,495,300 shares traded. Over the past week, the price has changed by +6.56%, over one month by +4.56%, over three months by -19.09% and over the past year by +13.29%.
Current recommended Stop Loss: 3.70 (which is 5.1% or 2 ATR below the current price).
SATS has no consensus analysts rating.
P/E Trailing = 18.6316
P/E Forward = 16.5563
P/S = 0.8292
P/B = 1.9781
P/EG = 0.2552
Revenue TTM = 6.35b SGD
EBIT TTM = 656.6m SGD
EBITDA TTM = 1.26b SGD
Long Term Debt = 2.13b SGD (from longTermDebt, last quarter)
Short Term Debt = 246.5m SGD (from shortLongTermDebt, last quarter)
Debt = 1.76b SGD (Leases only: 1.76b)
Net Debt = 1.01b SGD (calculated: Debt 1.76b - CCE 752.5m)
Enterprise Value = 6.27b SGD (5.26b + Debt 1.76b - CCE 752.5m)
Interest Coverage Ratio = 2.73 (Ebit TTM 656.6m / Interest Expense TTM 240.4m)
EV/FCF = 9.15x (Enterprise Value 6.27b / FCF TTM 685.5m)
FCF Yield = 10.93% (FCF TTM 685.5m / Enterprise Value 6.27b)
FCF Margin = 10.80% (FCF TTM 685.5m / Revenue TTM 6.35b)
Net Margin = 4.49% (Net Income TTM 285.2m / Revenue TTM 6.35b)
Gross Margin = 17.40% ((Revenue TTM 6.35b - Cost of Revenue TTM 5.24b) / Revenue TTM)
Gross Margin QoQ = none% (prev none%)
Tobins Q-Ratio = 0.69 (Enterprise Value 6.27b / Total Assets 9.07b)
Interest Expense / Debt = 13.65% (Interest Expense 240.4m / Debt 1.76b)
Taxrate = 26.69% (111.1m / 416.2m)
NOPAT = 481.3m (EBIT 656.6m * (1 - 26.69%))
Current Ratio = 0.97 (Total Current Assets 2.07b / Total Current Liabilities 2.14b)
Debt / Equity = 0.64 (Debt 1.76b / totalStockholderEquity, last quarter 2.75b)
Debt / EBITDA = 0.80 (Net Debt 1.01b / EBITDA 1.26b)
Debt / FCF = 1.47 (Net Debt 1.01b / FCF TTM 685.5m)
Total Stockholder Equity = 2.70b (last 4 quarters mean from totalStockholderEquity)
RoA = 3.18% (Net Income 285.2m / Total Assets 9.07b)
RoE = 10.57% (Net Income TTM 285.2m / Total Stockholder Equity 2.70b)
RoCE = 13.60% (EBIT 656.6m / Capital Employed (Equity 2.70b + L.T.Debt 2.13b))
RoIC = 7.28% (NOPAT 481.3m / Invested Capital 6.61b)
WACC = 7.67% (E(5.26b)/V(7.02b) * Re(6.89%) + D(1.76b)/V(7.02b) * Rd(13.65%) * (1-Tc(0.27)))
Discount Rate = 6.89% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 87.28 | Cagr: 13.71%
[DCF] Terminal Value 77.97% ; FCFF base≈556.9m ; Y1≈638.4m ; Y5≈939.5m
[DCF] Fair Price = 8.83 (EV 14.1b - Net Debt 1.01b = Equity 13.1b / Shares 1.49b; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
Revenue Correlation: 99.50 | Revenue CAGR: 11.01% | SUE: 0.28 | # QB: 0
EPS current Year (2027-03-31): EPS=0.21 | Chg30d=-2.75% | Revisions=+12% | GrowthEPS=+7.5% | GrowthRev=+7.1%
EPS next Year (2028-03-31): EPS=0.25 | Chg30d=-0.32% | Revisions=+0% | GrowthEPS=+19.7% | GrowthRev=+6.0%
[Analyst] Revisions Ratio: +8% (up=5, down=4)