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 -
Robust order book with new contract wins.
- Read more at SGinvestors.io.
Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://maybanktrade.com.sg/.
Kelvin Tan Maybank Research | https://www.maybank-ke.com.sg/ 2022-11-28
Read also Maybank's most recent report:
2023-11-10 ST Engineering - Primed For Strength; 9M23 Revenue In Line.
Previous report by Maybank:
2023-08-11 ST Engineering - Expect Higher Earnings In 2H23.
Price targets by 6 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 Dividends & Corporate Actions,
ST Engineering News Articles
