ST Engineering - Phillip Securities 2023-09-26: Tailwinds From Higher Security Spending & Aircraft MRO Demand

ST Engineering - Tailwinds From Higher Security Spending & Aircraft MRO Demand

ST Engineering (SGX:S63) | SGinvestors.ioST Engineering (SGX:S63)
  • We initiate coverage on ST Engineering with a BUY recommendation and discounted cash flow target price of S$4.50.
  • Singapore stepped up defence and security spending by 12% and 17% in FY21 and FY22, respectively. This is expected to rise further, fuelled by heightened geopolitical tensions and cybersecurity threats, providing revenue visibility for ST Engineering. Total contracts won for defence and security in 1H23 is 20.9% higher than the whole of FY22.
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  • TransCore’s acquisition is on track to be earnings accretive from 2H23e, we believe, leading to a positive FY23e EBIT for the urban solutions and Satcom division.

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