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Singapore's largest airport ground-handling and inflight catering company, also operating global air cargo handling via WFS.
Singapore's largest airport ground-handling and inflight catering company, also operating global air cargo handling via WFS.
Paid per aircraft handled and per meal loaded, usually under multi-year contracts and airport licences, so earnings follow flight movements and cargo volumes. The 2023 purchase of Worldwide Flight Services (WFS), a large air-cargo handler, shifted the group's weight toward international cargo and away from Singapore. Temasek, Singapore's state investor, is the largest shareholder.
In one line: Singapore's largest airport ground-handling and inflight catering company.
Moat: narrow (installed base, scale, regulatory licence). Long-term airport concession contracts and a global cargo handling network built via the WFS acquisition.
Headquarters: Singapore · Founded: 1972 · Employees: 57,000
Size SATS (S58.SI) is a Singapore Industrials company (Other Transportation) with a market value of $4.34B, the 28th largest of 186 Singapore companies the cockpit tracks. Shares closed at S$3.73 on 6 Nov 2026.
Performance Over six months the shares gained 14.8%, against -2.9% for the median peer and -1.2% for the Singapore market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 9.0% over the last twelve months (peer median +3.8%); the operating margin is 8.6% (peer median 16.7%).
Valuation It trades at 17.6× forward earnings against a peer median of 15.5× (9th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +46%, so the hurdle is -46 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.2 points above its cost of capital (5.7% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | S$6.35B | S$6.35B | S$5.82B | S$5.15B | S$1.76B |
| Revenue growth | — | +9% | +13% | +193% | — |
| Gross profit | S$1.74B | S$1.74B | S$1.54B | S$1.29B | S$301M |
| EBITDA | S$1.15B | S$1.14B | S$1.03B | S$788M | S$75.4M |
| Net income | S$285M | S$285M | S$244M | S$56.4M | -S$26.5M |
| Free cash flow | S$788M | S$788M | S$745M | S$388M | S$4.84M |
| Capital expenditure | S$357M | S$357M | S$233M | S$200M | S$124M |
| Total debt | n/a | S$4.14B | S$4.24B | S$4.10B | S$1.48B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| SATS S58.SI | $4.34B | +15% | +9% | 9% | 17.6× | -0.2% |
| SIA Engineering S59.SI | $2.51B | -10% | -3% | 3% | 17.7× | 19.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | S58.SI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.3% | +3.1% | 7th lowest of 21 |
| 6-month return | +14.8% | -2.9% | 5th highest of 21 |
| Distance from 52-week high | -24.8% | -17.2% | 6th lowest of 21 |
| Revenue growth (TTM) | +9.0% | +3.8% | 8th highest of 21 |
| Operating margin | 8.6% | 16.7% | 5th lowest of 21 |
| Forward P/E | 17.6× | 15.5× | 9th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | -0.2% | -3.5% | 7th most demanding of 16 |
| Growth delivered (Del g) | +45.6% | +8.9% | highest of 16 |
| Hurdle (Req g minus delivered) | -45.8 pp | -7.0 pp | least demanding of 16 |
| ROIC minus cost of capital | +1.2 pp | +0.0 pp | 7th highest of 21 |
| EV / EBITDA | 7.9× | 10.1× | 2nd cheapest of 9 |
| Net debt / EBITDA | 3.0× | 1.5× | 5th most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| SATS S58.SI | Singapore | $4.34B | +15% | +9% | 9% | 17.6× | -0.2% | +45.6% |
| Taiwan High Speed Rail 2633.TW | Taiwan | $4.36B | -3% | +4% | 39% | 19.2× | 0.8% | +6.9% |
| Anhui Expressway 600012.SS | China | $4.29B | +13% | -14% | 42% | 14.5× | -5.4% | +18.0% |
| Tangshan Port 601000.SS | China | $4.27B | +3% | +10% | 39% | 13.9× | -11.0% | -6.2% |
| Kintetsu 9041.T | Japan | $4.23B | +5% | +2% | 5% | 13.5× | n/a | n/a |
| Liaoning Port 2880.HK | Hong Kong | $4.53B | -26% | +1% | 21% | n/a | -9.0% | -2.0% |
| Hainan Airport Infrastructure 600515.SS | China | $4.56B | -26% | +25% | -5% | 133.0× | n/a | n/a |
| Corporacion America Airports CAAP | United States | $4.00B | -3% | +16% | 23% | 9.6× | -6.3% | +26.4% |
| Zhejiang Expressway 0576.HK | Hong Kong | $4.86B | -13% | +18% | 33% | 5.9× | n/a | n/a |
| Wilh. Wilhelmsen WWI.OL | Norway | $3.87B | +23% | -4% | 10% | 8.4× | 6.2% | +11.0% |
| Atlas Arteria ALX.AX | Australia | $3.78B | -21% | +2% | -20% | 20.6× | -3.5% | +8.9% |
| Grupo Aeroportuario del Centro Norte SAB de CV Sponsored ADR OMAB | United States | $5.21B | +2% | +21% | 53% | 13.2× | -5.1% | +27.2% |
| Tokyo Metro 9023.T | Japan | $5.31B | -8% | +3% | 21% | 16.5× | 4.8% | +7.4% |
| Guangzhou Port 601228.SS | China | $3.54B | -3% | -18% | 11% | n/a | n/a | n/a |
| Japan Airport Terminal 9706.T | Japan | $3.46B | +16% | +8% | 17% | 19.2× | -2.3% | +40.7% |
| COSCO SHIPPING Ports 1199.HK | Hong Kong | $3.32B | +18% | +12% | 14% | 8.5× | 8.7% | +10.9% |
| ENAV ENAV.MI | Italy | $3.19B | +8% | +3% | 9% | 26.9× | 13.8% | +6.0% |
| Guangzhou Baiyun International Airport 600004.SS | China | $3.18B | -6% | +9% | 11% | 25.2× | -12.5% | +8.8% |
| Beibu Gulf Port 000582.SZ | China | $3.14B | -25% | -1% | 21% | 18.6× | n/a | n/a |
| Shenzhen Expressway 600548.SS | China | $2.99B | -4% | -5% | 17% | 14.4× | 0.6% | +2.9% |
| Lyft LYFT | United States | $6.47B | +19% | +11% | -2% | 21.9× | -6.1% | +21.7% |