- We remain upbeat on ST Engineering for its defensive dividends and strong profit growth, aided by continued growth and margin improvement in Commercial Aerospace (CA) and a strong recovery in Urban Solutions & Satcom (USS).
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- With S$3bn of order wins in 1Q24, the outstanding orderbook stands at S$27.7bn, offering about three years of revenue visibility.
Excluding USS, all businesses reported revenue growth.
- On a y-o-y basis, Commercial Aerospace (CA) and Defence & Public Security (DPS) reported 32% and 14% revenue growth respectively, amidst broad-based growth across all of its sub-segments.
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- For DPS, the digital business registered strong performance with 1Q24 revenue of S$147m, which is already at ~32% of its 2023 revenue of S$463m. The digital business is on track to well exceed its 2026 revenue target of S$500m.
- For USS, although TransCore saw 10% y-o-y revenue growth, the division’s overall revenue fell by 1%.
Decent order wins.
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