ST Engineering - Maybank Research 2023-04-09: Lock & Loaded; All-Rounded Earnings Growth

ST Engineering - Lock & Loaded; All-Rounded Earnings Growth

  • ST Engineering (SGX:S63) has recently secured order wins worth ~S$2b across all 3 business segments. We remain positive on ST Engineering’s ability to deliver 10-15% earnings growth pa between FY23-25E, driven by revenue and margin improvements across all its business divisions.
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Sizeable order wins across all of ST Engineering divisions

  • CFM International and ST Engineering’s Commercial Aerospace (CA) division signed a CBSA in Mar 2023 to provide the full range of MRO services for its LEAP 1A and 1B engines from ST Engineering facility in Singapore to global operators.
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  • More recently, ST Engineering’s (Defence and Public Security) DPS division was awarded a contract by MINDEF for the detailed design and construction of six MRCV for the republic’s naval force. These vessels will be constructed at ST Engineering’s marine premises in Singapore and will be delivered progressively from 2028 – See ST Engineering's announcements.
  • We estimate ST Engineering’s overall orderbook including these contracts to reach US$25b by the end of this year, implying a book-to-bill ratio of 2.5 years.

On the verge of margins recovering

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Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @

Kelvin Tan Maybank Research | 2023-04-09

Read also Maybank's most recent report:
2023-08-11 ST Engineering - Expect Higher Earnings In 2H23.

Previous report by Maybank:
2023-05-15 ST Engineering - Onward & Upward With Record Order Book.

Price targets by 5 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


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