ST Engineering - RHB Invest 2024-03-04: Earnings Growth Momentum To Continue; BUY

• ST Engineering (SGX:S63)'s 2023 performance was in line. Post results briefing, we still believe that the business outlook for all segments remains robust.
• The ongoing recovery of Commercial Aerospace (CA) and strong improvements in Urban Solutions and Satcom (USS) should drive medium-term earnings growth. Defence and Public Security (DPS) revenue should continue to improve on orderbook delivery. We expect a 15% profit CAGR in 2023–2026.
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Strong 2023 results.

• ST Engineering's 2023 revenue came in at S$10.1bn (+12 y-o-y), with the CA and USS segments reporting strong growth. The reported PATMI of S$587m (+10% y-o-y) was in line with our estimates. Excluding one-offs, recurring PATMI was S$612m (+27% y-o-y).
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• As expected, the 2023 dividend came in at 16 cents. See ST Engineering's dividend dates.

Outlook remains strong.

• Read more at SGinvestors.io.

Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.

Read also RHB's most recent report:
2026-01-29 ST Engineering - Outperformance To Continue; Reiterate BUY.

Previous report by RHB:
2025-12-19 ST Engineering - Near-term Wins; Long-term Growth Intact.

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