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.
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