ST Engineering - CGS-CIMB Research 2023-05-15: Revenue To Be Backend Loaded To 2H23F

• We expect to see stronger 2H23F net profit for ST Engineering (SGX:S63) with more Urban Solutions & Satcom (USS) projects back-end loaded, with supply chain pressure to be relieved in 4Q23F.
• - Read this at SGinvestors.io -
• 1Q23 revenue of S$2.3bn (-9% q-o-q, +13% y-o-y) was in line at 24% of our and Bloomberg consensus FY23F. ST Engineering declared a quarterly dividend of S$0.04, in line with 1Q22. See ST Engineering's dividend date.
• - Read this at SGinvestors.io -
• quicker passenger-to-freighter (PTF) revenue recognition as ST Engineering progresses on the learning curve.
• We expect CA revenue to be sustained in the remaining quarters.

What does back-end loaded mean?

• Read more at SGinvestors.io.

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