SATS and Wilmar’s Latest Earnings: Resilience Amidst Global Headwinds

The Smart Investor

Mar 05

Investing in the Singapore stock market often feels like a balancing act between capturing recovery plays and holding on to established giants. As we settle into 2026, the latest corporate earnings ...

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they provide a narrative of how businesses are navigating a world defined by shifting trade policies and geopolitical tension. \n\nIn this update, we look at a global aviation gateway leader and an integrated agribusiness heavyweight to see how they are turning challenges into opportunities to grow their bottom lines.\n\nSATS Ltd (SGX: S58): Clearing the Runway for Growth\nSATS continues to fly high as it integrates the massive 2023 acquisition of Worldwide Flight Services. \n\nFor the third quarter of fiscal 2026 (3QFY2026), the aviation giant reported an 8.0% year-on-year (YoY) increase in revenue to S$1.6 billion. \n\nMore impressively, net profit attributable to shareholders surged 20.4% to S$84.7 million, driven by operating leverage, which helped expand EBITDA margins from 17.3% to 18.1%.\n\nThe Gateway Services segment remains the heavy lifter, with revenue rising 10.0% to S$1.3 billion. \n\nThis growth was anchored by a record-breaking 2.55 million tonnes of cargo processed. \n\nWhile the Americas saw a 6.9% dip due to tariff impacts, robust double-digit volume growth in APAC and EMEAA more than filled the gap. \n\nMeanwhile, Food Solutions saw a 1.5% revenue increase to S$362.0 million, with aviation meals served rising 4.5% to 17 million units.\n\nFinancially, the group is on firmer footing. \n\nNine-month free cash flow stood at a healthy S$369.9 million, and the group held S$620.1 million in cash against S$2.4 billion in borrowings. \n\nWhile no dividend was declared this quarter, investors can look back at the S$0.05 total payout for FY2025 as a sign that capital discipline is returning. \n\nWith IATA projecting 7.3% passenger growth in 2026, SATS appears well-positioned to capture the ongoing recovery in global travel.\n\nWilmar International (SGX: F34): Navigating Commodity Waves\nWilmar International proved its mettle in a volatile commodity market, reporting a 4.5% YoY rise in FY2025 revenue to US$70.4 billion. \n\nThis performance was underpinned by higher sales volumes across most segments and a boost from stronger palm-related prices. \n\nThe bottom line looked even better, with net profit attributable to owners climbing 20.6% to US$1.4 billion.\n\n\nInvestors should note that core net profit, which excludes one-off items like a US$1.1 billion remeasurement gain, grew by a steadier 9.7% to US$1.3 billion. \n\nA standout highlight was the notable turnaround in cash flow. \n\nFree cash flow improved significantly to US$1.3 billion from negative US$200 million a year ago, supported by stronger operating cash flow and a 31.2% reduction in capital expenditure as the group’s major expansion programme nears completion. \n\nThe group’s balance sheet also saw marginal improvement, with net gearing easing to 0.91 times. \n\nDespite the profit jump, management declared a lower total dividend of S$0.14 for the year, down from S$0.16 in FY2024. \n\nThis cautious stance reflects a difficult outlook for 2026, marked by trade tariffs and geopolitical shifts. \n\nWhile Wilmar expects a “satisfactory” performance ahead, the reduced payout suggests the agribusiness titan is prioritising a defensive crouch in an uncertain global economy.\n\nGet Smart: Focus on the Fundamentals\nUltimately, these results remind us that even a seasoned blue chip must constantly adapt to stay relevant. \n\nIt is easy to get distracted by the noise of the market, but the true story lies in a company’s ability to generate cash and maintain a healthy balance sheet. \n\nSATS is proving it can scale efficiently, while Wilmar is wisely tightening its belt as it prepares for a potentially bumpy ride ahead. \n\nAs investors, staying grounded in these fundamentals, rather than reacting to every headline, is what helps us sleep better at night.\n\nDavid Kuo expects many investors will be asking: “What should I invest in if blue chips are too expensive?” The answer lies in his framework for investing. Join his free webinar on 25 March and learn how to evaluate whether any blue chip has crossed the line from solid to overpriced, and what you can do about it. Register free now.\n\nThe world’s gotten unpredictable, but some Singapore companies have quietly kept thriving. You’ve probably seen them in your daily life. And yes, they’ve kept paying dividends through it all. Meet 5 resilient stocks built to navigate global storms. Get the free report here and see how they’ve done it.\n\nFollow us on Facebook, Instagram and Telegram for the latest investing news and analyses!\n\nDisclosure: The Smart Investor does not own shares in any companies mentioned.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}