ST Engineering - Maybank Research 2023-02-26: Minor Speed Bumps Ahead; FY22 Earnings Dragged By Higher Interest Costs

• ST Engineering (SGX:S63)'s FY22 PATMI of S$535m (-6% y-o-y) was below our and consensus estimates, accounting for 93% and 94% of the respective FY22E forecasts. The decline was mainly due to the reduction in government support (S$177m), higher energy inflation (S$30m) and incurred TransCore Transaction & Intergration expenses (S$22m).

Strong Commercial Aerospace (CA) growth offset by weaker Urban Solution (USS) and Defence (DPS)

• - Read this at SGinvestors.io -
• USS (Urban Solution and SATCOM, +49% y-o-y), and
• DPS (Defence and Public Security , +6% y-o-y).

Higher acquisition cost and slower USS growth

• 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:
2025-05-12 ST Engineering - Growth Intact, Monitor Tariffs..

Previous report by Maybank:
2025-03-20 ST Engineering - Plotting Efficient Growth; Raise Target Price To S$7.10.

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 Dividend Payout Dates & Corporate Actions,
ST Engineering News