SATS: Expanded Global Cargo Platform Supports Earnings Visibility but Fully Valued, Justifying Hold RatingWe downgrade to NEUTRAL recommendation with higher TP of S$3.84 (prev: S$3.66). Our higher target price reflects our expectation that the removal of the De Minimis exemption will be less disruptive to SATS’ cargo operations in the Americas, supported by rising demand from US domestic freight routes. FY26e PATMI forecast has been raised by 5.5% to S$249mn. Earnings resilience will be underpinned by the c. 20+ contract wins and renewals in FY25 & FY26, with phased revenue recognition across long contract tenures providing stability.