"Despite the recent rally, SATS is trading at an attractive 21x FY2027 P/E with a 1.5% dividend yield," says Liu.
Liu Miaomiao of Maybank Securities, citing greater confidence in management's ability to deliver its FY2029 financial targets as multiple growth drivers become increasingly visible, has raised her target price for Sats from $4.52 to $5.09.
From her perspective, the stronger growth prospects warrant a lower execution risk premium. As such, she has lowered her WACC from 10.6% to 10%, and taking into "meaningful" contribution from Sats's central kitchen in Thailand, she has raised her FY2026 earnings estimates by 2.5% and 9.7% for FY2027's.
