ST Engineering - Maybank Research 2022-11-28: Clinching Contracts On The Road

STE's 9MFY22 topline remains healthy.

• ST Engineering (SGX:S63)'s 9M22 revenue of S$6.5b (+19% y-o-y) is above our and below the consensus estimate, accounting for 79%/73% of the respective FY22E forecasts.
• - Read this at SGinvestors.io -

Stronger growth across all segments.

• 3Q22 topline grew 52% q-o-q on higher contribution from Commercial Aerospace (CA) (+25% y-o-y), Urban Solutions & Satcomm (USS) (+54% y-o-y) and Defence & Public Security (DPS) (+6% y-o-y).
  • Commercial Aerospace (CA) continues to grow as air travel has recovered to 74% of pre-COVID levels. On the back of continued strong PTF demand and MRO volumes, we believe strong operating leverage could preserve segment EBIT margins at 7.8% and achieve EBIT of S$312m in FY22E.
  • - Read this at SGinvestors.io -
• ST Engineering’s defence business is stable with healthy contract wins of S$4.5b in 9M22.

Robust order book with new contract wins.

• Read more at SGinvestors.io.

Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Read also Maybank's most recent report:
2025-11-14 ST Engineering - Steady Growth; Steep Valuation.

Previous report by Maybank:
2025-08-19 ST Engineering - Sustained Earnings Growth.

Price targets by 3 other brokers at ST Engineering Target Prices.

Listing of research reports at ST Engineering Analyst Reports.

Relevant links:
ST Engineering Share Price History,
ST Engineering Announcements,
ST Engineering Dividend Payout Dates & Corporate Actions,
ST Engineering News