- ST Engineering (SGX:S63)'s 3Q23 revenue came in at S$2.43bn (-5.5% q-o-q, +13.0% y-o-y), with 9MFY23 revenue of S$7.3bn representing 75% of the street’s full-year estimate, marginally exceeding expectations.
Slightly better-than-expected top line growth.
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- The urban solutions and satcom division also registered healthy top-line growth of 12.5% y-o-y, driven by inorganic growth from TransCore, but offset from sustained softness in its satcom business. Meanwhile, the defence and public security segment booked a modest gain of 2.2% y-o-y.
Orderbook remained near its peak with 3Q23 contract wins of S$2.2bn.
- ST Engineering experienced a slight decrease in its order book to S$27.5bn as of September 2023, down from S$27.7bn in the previous quarter, reflecting a return to normalcy following an exceptionally strong first half of the year.
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Commercial aerospace segment poised for further growth as air traffic continues to rebound.
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