- 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.
- - Read this at SGinvestors.io -
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).
- - Read this at SGinvestors.io -
- As expected, the 2023 dividend came in at 16 cents. See ST Engineering's dividend dates.
Outlook remains strong.
- Read more at SGinvestors.io.
Shekhar Jaiswal RHB Securities Research | https://www.rhbgroup.com/ 2024-03-04
Read also RHB's most recent report:
2024-04-08 ST Engineering - Updated ESG Data; Unchanged Positive Thesis; BUY.
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
