ST Engineering - CGS-CIMB Research 2023-02-24: Improving Outlook

• ST Engineering (SGX:S63)’s 2H22F net profit of S$255m (-9% h-o-h, -7% y-o-y) was in line with our expectations, with FY22 net profit of S$535m (-6% y-o-y) at 97%/96% of our and Bloomberg consensus full-year forecast. The results included S$20m Transcore integration costs, S$13m impairment loss, offset by tax credit from the divestment of VT Halter Marine US. See ST Engineering's announcement dated 24 Feb 2023.
• - Read this at SGinvestors.io -
• - Read this at SGinvestors.io -
• PFO of Hangar utilisation remains maxed out, and A320/330 PTF conversions are fully booked until 2026.
• The new PTF programmes attained GP breakeven in 4Q22, and should reach EBIT breakeven by end-FY23F, sustaining margin improvement.

Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.

Read also CGS-CIMB's most recent report:
2024-02-12 ST Engineering - Longer-term Growth Drivers Intact.

Previous report by CGS-CIMB:
2023-11-10 ST Engineering - Set For A Stronger FY24.

Price targets by 7 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