Deep-dive 2020-4: SATS Ltd

SATS (SATS SP) is the main gateway services and airline catering provider at Singapore's Changi Airport. The company was formed as the ground handling services operator at Paya Lebar Airport for Malayan Airways, and later for Singapore Airlines after the Singapore split from Malaysia. SATS was eventually de-merged from Singapore Airlines in 2009. Over the past few decades, it has diversified into other services, including in-flight catering and cruise terminal services. Gateway services now represent roughly half of total revenues. The company still has a large Singapore exposure, receiving 80% of its revenues from Changi Airport, with the largest overseas markets being Japan, India and China.

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