Competition

Competitors describe PT Cahaya Aero Services Tbk (formerly PT Cardig Aero Services Tbk)'s market in their own filings and calls. These verified passages and visual pages show where their strategies meet, using source documents preserved in Sources.

SATS Ltd. (S58)

SATS runs the same three revenue lines as CASS — airport ground handling, air cargo handling and in-flight catering — and is the reference operator for that bundle across Asia-Pacific, bidding for the same carrier mandates CASS's JAS and catering arms serve in Indonesia. The relationship is two-sided: SATS Investments (II) holds 21.65% of CASS per the FY2025 shareholder table, so SATS is at once a large minority holder and the scaled version of the business CASS is trying to be. Only the gateway, ground and food discussion is used here.

How the mandates in this industry actually change hands, in SATS's own telling: two ground-handling wins (Allegiant at Sanford, and hub ground handling for Azul — which SATS calls the largest low-cost carrier in Brazil — at Viracopos) and one multi-year in-flight catering contract with Turkish Airlines, won on halal production out of Narita and Haneda. The wins are airline-by-airline and station-by-station, and management notes the Turkish contract was one it had been chasing for some time. Nothing here is quantified; the point is the unit of competition, which is the same unit CASS competes on in Indonesia — one carrier, at one airport, at a time.

Kerry Mok, President and CEO, prepared remarks: As I mentioned, we also won two new wins. One is Allegiant Air in Sanford Airport, which is the a hub airport in the US, and Azul in Viracopos Airport, which is actually in São Paulo. Azul is actually the largest low-cost carrier in Brazil, and we are actually their hub provider for ground handling in Brazil. So that's a fantastic win for our team in Brazil as well, and we continue to grow our presence in Brazil with some of these wins that we have locked in.

On the food side, very pleasing to say we have won a multi-year in-flight catering contract with Turkish Airlines. Turkish Airlines is leveraging on halal-produced meals out of Narita and Haneda, and it's been a win. It's been a contract we've been aiming for quite some time, and very happy that our team in Japan managed to secure the contract with Turkish Airlines.

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SATS's forward view on the two segments that matter to CASS. On ground handling it flags low-cost carriers as the thing to watch — management says quite a lot of flight cancellations are LCC-related because those business models cannot absorb high fuel prices — while arguing that a broad station network lets it recapture the replacement capacity. On food it expects stability, helped by long-haul Asia–Europe flights that carry more catering per departure than short-haul. This is one operator's outlook, not a market forecast, and the rerouting benefit it describes is specific to its own Singapore, Thailand and Gulf stations. Read against CASS, whose handled traffic is weighted to Indonesian LCC and domestic short-haul flying, it identifies the exposure and the offset separately.

Kerry Mok, President and CEO, FY26 outlook, prepared remarks: Ground Services: On the ground side, obviously Asia Pacific is driving that, and a lot of the rerouting is also benefiting Asia. Singapore, Thailand are all airports where a lot of reroutings are going and increasing long-haul flights from Asia to Europe to cover up for the Middle East. Clearly, it's actually helping our ground business as well.

We have very limited exposure. In fact, I said the last time, both in Saudi and Oman are benefiting now from some of the rerouting, and we are well-placed there to continue to serve our customers in those hubs itself.

The one thing that we need to be mindful of are the LCCs. Because of the fuel cost, their business models cannot afford the high fuel prices. And frankly, quite a lot of flight cancelations are all related to LCC flights. And that's having an impact on some of our ground business as well. But with that, it's new services and new capacities are coming up to cover for those cancelled flights.

So, if again, if you have those network, you'll continue to benefit. And we're pleased that the wins in Azul and Allegiant Air will continue to drive our year-on-year non-like-for-like growth. These two new wins are very important for us in Americas and will strengthen our ground handling business this coming year itself.

Food Services: On the food side, we believe it's going to be stable. Partly also because although the flights cancelled to the Middle East still remains, but carriers such as Singapore Airlines and others are adding on more flights from Asia to Europe. And in fact, those are long-haul flights, which has additional catering requirements. So again, we'll drive some of the volumes that we'll see in the coming months ahead.

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The margin mechanic in catering, stated plainly by a peer: input costs are rising with energy, contracts hold the old prices until they roll, and only then does the caterer get to reprice — 'as the contracts run out, we will be facing some increase in food costs.' Management also concedes its non-aviation central kitchens in Bangalore and Tianjin are 'still not where we want it to be' while growing. Both points bear on CASS's catering business, which sells under airline contracts on the same lag and is pursuing the same non-aviation expansion; the ramp difficulty is SATS's own characterisation of its own kitchens.

Kerry Mok, President and CEO, prepared remarks: The non-aviation side remains very resilient. Our Bangalore and Tianjin kitchen are now starting to make meaningful progress, albeit still not where we want it to be. But we're showing good growth momentum for Bangalore and Tianjin, and we believe that will still continue as we develop more products for the market itself.

We need to watch out for input costs for food. Clearly, with the increase in energy cost, it will impact our food prices in the near term. And it's something that the commercial team will have to work on with our customers to see how we can mitigate some of the costs. But we do have contracts in place, and as the contracts run out, we will be facing some increase in food costs.

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MacroAsia Corporation (MAC)

The closest structural twin to CASS anywhere in ASEAN: a listed holding company whose aviation group is in-flight catering plus ground handling plus aircraft MRO and pilot training, run through joint ventures — including two with SATS — at a single dominant capital-city gateway, with a deliberate push into non-aviation services alongside. Ninoy Aquino is to MacroAsia roughly what Soekarno-Hatta is to CASS. Only the aviation and food discussion is used here; the water, property and mining segments are out of scope.

MacroAsia's description of the two aviation businesses that map onto CASS's JAS and JAE. MASCORP is claimed as the Philippines' largest and most comprehensive ground handler, across twenty-two airport stations nationwide — against the JAS network's stated presence at 17 major Indonesian airports. The second fragment is the MRO arm, Lufthansa Technik Philippines, which the report places in direct competition with the Singapore and Hong Kong shops and sells on proximity: a four-hour flight radius to the major Asian hubs. 'Largest' and 'industry-leading' are the company's own claims; the station count is a countable fact. The MRO framing is the more useful one — it shows heavy maintenance being competed for regionally rather than nationally, which is the market CASS's line-maintenance arm sits at the edge of.

Established on September 12, 1997, MASCORP is the country’s largest and most comprehensive ground handling service provider. The company delivers a full suite of airport services, including:

MASCORP supports both domestic and international airline clients across twenty-two (22) airport stations nationwide. Competing in a dynamic aviation market, the company consistently upholds industry-leading standards of safety, eficiency, and customer service. […] Competing with leading regional MRO providers in Singapore and Hong Kong, LTP leverages the strength of the Lufthansa network and the expertise of its highly skilled Filipino workforce. The company specializes in base maintenance checks for major aircraft types, including Airbus A320 family, A330, A340, A380, and Boeing 777, as well as major modifications, cabin reconfiguration and retrofit programs, and lease return checks. Its scalable docking systems accommodate multiple aircraft types, and its facilities can simultaneously service three (3) A380s.

Strategically located within a free trade zone at NAIA, the country’s main international gateway, LTP also operates maintenance stations in Cebu, Clark, Davao, Kalibo, and Puerto Princesa. Its Philippine base ofers proximity to major Asian hubs such as Hong Kong and Singapore—both within a four-hour flight radius.

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A peer putting numbers on both of CASS's core lines in one passage. Meals rose from 23.30 million to 26.92 million and drove an 11% segment revenue gain, with foreign-airline catering up 11% and Philippine Airlines catering up 12% 'despite limited capacity headroom'; flights handled grew 4% for only a 3% revenue gain, 'even as overall flight activity at the country's main gateway slightly declined.' The last clause is the notable one: MacroAsia grew handled volume while its home airport's total traffic fell, which is a share statement rather than a market one. It also names Air Canada and Air India as 2025 wins at NAIA. The 'preferred airline services provider' label is MacroAsia's own.

Eduardo Luis T. Luy, President and COO, shareholder letter: We continue to strengthen our core aviation business units, as reflected in improved performance across key metrics. Meal volumes increased from 23.30 million in 2024 to 26.92 million in 2025, driving an 11% rise in top-line revenues for the segment. Our airline-focused companies delivered solid results, with foreign airline catering and Philippine Airlines catering recording revenue growth of 11% and 12%, respectively, despite limited capacity headroom.

Meanwhile, flights handled grew by 4% year-on-year, translating to a 3% increase in revenues, even as overall flight activity at the country’s main gateway slightly declined.

In 2025, NAIA welcomed new direct flights from Air Canada and Air India. Both prestigious airlines chose to avail of MacroAsia’s services, further strengthening our reputation as the preferred airline services provider in the Philippines. As the airport continues to enhance activity and operational eficiency, our Group remains committed to keeping pace with these developments by expanding our client portfolio and leveraging decades of experience and high service standards to deliver quality inflight oferings for international passengers.

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Saigon Ground Services Joint Stock Company (SAGS) (SGN)

A listed, non-airline-owned ground handler at Tan Son Nhat and Da Nang running the same service stack as JAS — passenger, ramp, baggage, load control and cargo — for an overlapping carrier base, in a Southeast Asian market with the same structure as Indonesia's: a flag-carrier-affiliated incumbent handler plus airlines that increasingly handle themselves. Its annual report is unusually direct about who it loses to and why.

SAGS's own 'Industry Competition Risks' disclosure, taken from the English column of the bilingual report. It names two distinct threats. The first is VIAGS, the Vietnam Airlines-owned handler, which competes head-on at Tan Son Nhat and Da Nang and holds a stake in the rival handler at Cam Ranh — the structural analogue of Gapura Angkasa against JAS in Indonesia. The second is airlines doing the work themselves: SAGS records that Pacific Airlines now self-handles at Tan Son Nhat and serves Bamboo Airways, 'a former client of the company,' and that Vietjet handles at both Noi Bai and Tan Son Nhat. That is a named account moving from a third-party handler to a carrier-owned one, disclosed by the handler that lost it.

Vietnam Airport Ground Services Company Limited (VIAGS), which provides airport ground services at three major airports—Tan Sơn Nhat, Da Nang, and Hanoi—directly competes with Saigon Ground Services Joint Stock Company at Tan Sơn Nhat International Airport and Da Nang International Airport. Additionally, VIAGS has a stake in Aviation Ground Services Limited Liability Company (AGS) at Cam Ranh International Airport, a direct competitor of SAGS – Cam Ranh in Khanh Hoa. […] Pacific Airlines has been providing ground handling services at Tan Sơn Nhat International Airport and currently serves Bamboo Airways, a former client of the company. […] Vietjet Air has been providing ground handling services at Noi Bai International Airport and Tan Sơn Nhat International Airport.

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The other side of the same ledger: SAGS's 2025 contract wins, dated carrier by carrier — United Airlines at Tan Son Nhat, and at Da Nang Air Premia, Emirates, Scoot, Parata Air and Greater Bay Airlines, plus domestic start-up Sun PhuQuoc Airways. Several of these carriers also fly to Indonesian stations CASS handles. Read with the exhibit above, it shows the churn profile of an independent handler: a steady stream of new international carriers arriving while incumbent domestic volume is exposed to self-handling.

In 2025, international airline operations recorded positive growth in frequency compared to 2024. The Company successfully secured agreements with and welcomed several new international airline partners, including United Airlines (UA) at SGN commencing from 26 October 2025; and at Da Nang (DAD): Air Premia (YP) from 23 January 2025, Emirates (EK) from 02 June 2025, Scoot (TR) from 20 October 2025, Parata Air (WE) from 24 November 2025, and Greater Bay Airlines (HB) from 24 December 2025. In addition, the Company continued to expand its domestic customer base by securing a ground handling agreement with Sun PhuQuoc Airways (9G), commencing operations from 01 November 2025.

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What the win list above added up to. SAGS handled 69,726 flights in 2025 (27,400 domestic, 42,326 international), beat its own revenue plan by 11% and its profit plan by 31% — and still printed revenue down 1% and net profit down 23% against 2024. Note the figures use Vietnamese decimal punctuation in the volume line and English punctuation in the money lines; both are as published. The gap between plan and prior year is the useful part: at a comparable Southeast Asian gateway handler, six new international carriers did not offset the mix and pricing that were lost, and margin fell faster than revenue.

Total number of flights handled by the company in 2025: 69.726 flights, with 27.400 Domestic flights and 42.326 International flights. […] In 2025, the consolidated revenue of SAGS reached VND 1,545 billion, exceeding the 2025 target by 11% (planned revenue: VND 1,392 billion) and marking a 1% decrease compared to 2024 (revenue in 2024: VND 1,565 billion). […] In 2025, consolidated profit reached VND 208 billion, representing a 31% increase over the planned target (VND 159 billion), while declining by 23% year-on-year compared to 2024 (VND 271 billion).

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Noi Bai Catering Services Joint Stock Company (NCS)

An airport in-flight catering pure play at Hanoi's Noi Bai, serving many of the same foreign carriers CASS caters for, and running the same two-sided strategy as CAS Food: hold the airline meal contracts, then push the same kitchens into non-aviation food. Because it is a pure play, its annual report says out loud what is buried inside larger groups — how airline catering is repriced, and how badly airport kitchen economics travel into the retail market.

NCS's own account of where an airport caterer's pricing power sits, from the disadvantages and solutions sections of its 2025 management report. Airlines 'tend to tighten budgets and strengthen quality management, making negotiations more difficult'; low-cost carriers pull volume off the short- and medium-haul routes that traditional Asian carriers cater. On the non-aviation side the admission is blunter: because inputs must meet aviation food-safety procedure, 'the product costs are relatively high, making them not competitive enough to be distributed through supermarket channels.' Its answer is longer-tenor re-signed airline contracts with updated prices, and institutional channels — school meals — rather than retail. That is the same wager CAS Food is making with industrial catering, described by a peer that has already hit the ceiling in retail.

Airlines tend to tighten budgets and strengthen quality management, making negotiations more difficult. […] Intense competition from low-cost carriers significantly affects passengers of other traditional Asian airlines, especially on short- and medium-haul routes. […] NonAir products continue to face strong competition from the external F&B market. Although the company's products are highly appreciated by consumers, because the input materials must be controlled according to strict procedures to ensure food safety and hygiene, the product costs are relatively high, making them not competitive enough to be distributed through supermarket channels; […] For the field of providing meals to airlines: The company successfully negotiated and re-signed contracts with longer terms; adjusted service standards and updated appropriate selling prices; […] Continuing to provide meals to the school system is one of the factors driving non-air revenue growth;

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How a rival caterer sizes its own demand. NCS attributes 2025 international growth to route expansion and to a specific policy lever — Vietnam's 45-day visa exemption and 90-day e-visas extended to nearly 100 countries — with the strongest volumes on Korea, China and Middle East routes. It then makes the capacity argument for going non-aviation: the plants, cold storage and production lines built for airline meals can be turned to packaged food and beverages. These are management's attributions rather than measured elasticities, but the pairing is the point — inbound-visa policy drives the airline meal count, and spare kitchen capacity is what funds the move off-airport. Both levers are live for CASS in Indonesia.

In 2025, the market continues to record stable growth in the domestic segment, maintaining its role as an important foundation for total output. At the same time, the international market recovers and grows positively thanks to the expansion of flight networks and favorable visa policies of Vietnam. The 45-day visa exemption and the issuance of e-visas for up to 90 days to nearly 100 countries have created significant momentum, boosting the number of inbound visitors considerably; […] In addition, many new international flight routes have been put into operation, especially in key markets such as China. The operating volume recorded good growth on routes to and from South Korea, China, and the Middle East, contributing to strengthening the overall growth momentum of the market in 2025; […] Processing plants, cold storage, modern production lines serving aviation can be leveraged to produce packaged food and beverages for the Nonair sector.

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The prior-year version of the same disclosure, useful as a check on whether the constraint is cyclical or structural. In 2024 NCS gave the same two reasons its off-airport food cannot compete — distance from the city centre and strict production standards feeding straight into price — and disclosed that meal production volume ran 7% below plan while it cut utility costs 10% below plan. Two years running, the peer describes the airport kitchen's cost base as the binding constraint on non-aviation expansion, not demand.

The fiercely competitive F&B market requires NCS to continuously research and develop new products and create new experiences to attract customers. The geographical location far from the city centre and strict production standards are among the factors that directly affect product prices and affect NCS's competitive advantage; […] In 2024, the company implements electricity and water-saving policies. The electricity and water costs for 2024 are reduced by 10% compared to the 2024 plan, while the total meal production volume is reduced by 7% according to the 2024 plan.