ST Engineering - DBS Research 2024-03-01: Record Profits With Room For Growth

• 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 an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Read also DBS's most recent report:
2025-11-13 ST Engineering - Growth To Accelerate As Satcom Reset Nears End.

Previous report by DBS:
2025-08-15 ST Engineering - Solid 1H25, But Fails To Clear A High Bar.

Price targets by 3 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