- ST Engineering (SGX:S63) reported a net profit of S$586.5m (+10% y-o-y), setting a record for the group and exceeding our forecast by 2%.
- The core net profit, after excluding a negative after-tax impact of S$24m from the divestment of SatixFy and severance costs related to layoffs at its satcom business, was S$610m, up 24% against a comparable base last year.
FY23 results surpassed expectations.
- - Read this at SGinvestors.io -
- - Read this at SGinvestors.io -
- Meanwhile, the group’s ex-TransCore Urban Solutions sub-segment likely experienced flat to marginal growth during the year, while its Satcom business continued to struggle amidst industry headwinds.
Core operating margin improved to 8.7% in FY23
- Read more at SGinvestors.io.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Jason SUM CFA DBS Group Research | Suvro SARKAR DBS Research | https://www.dbs.com/insightsdirect/ 2024-03-01
Previous report by DBS:
2023-11-14 ST Engineering - Satcom Weakness To Weigh On Near-Term Profits.
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
