- ST Engineering (SGX:S63)'s 1Q24 revenue update was within our expectations at 25% of our FY24e. Revenue grew an impressive 18% y-o-y to S$2.7bn.
- Around 2/3 of the growth was from commercial aerospace revenue that jumped 32% y-o-y to S$1.1bn. Rising aircraft flying hours, slower introduction of new engines, and increased capacity boosted revenue in aircraft MRO.
- - Read this at SGinvestors.io -
- Satellite operations is still looking to transition customers to its multi-orbit next-gen platform.
The Positives
Aircraft MRO remains the growth driver.
- Commercial aerospace (CA) registered a 32% y-o-y jump in 1Q24 revenue to S$1.2bn. Growth was broad-based and led by aircraft MRO (Maintenance, Repair, and Overhaul).
- With longer flying hours, MRO work is rising on engines, airframes, and other components. Delays in aircraft deliveries will further push the lifecycle of the existing aircraft fleet.
Broad-based growth in defence and public security.
- Read more at SGinvestors.io.
Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @ https://www.stocksbnb.com/.
Paul Chew Phillip Securities Research | https://www.stocksbnb.com/ 2024-05-14
Read also Phillip's most recent report:
2024-08-18 ST Engineering - Broad-based Growth.
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