Tay Wee Kuang and Lim Siew Khee of CGS International have kept their "add" call on Sats but with a sharply reduced target price of $3.05 from $4.35 on tempered growth assumptions.

"We think Sats could see earnings growth stall in FY3/26F as the global aviation industry faces uncertainty from the souring macroeconomic outlook," write the analysts in their April 10 note.

They expect global air cargo demand to decline 10% y-o-y in this calendar year with the reciprocal tariffs and tit-for-tat retaliation between the US and its trading partners.