- ST Engineering (SGX:S63)'s 1H24 results largely in line with expectations amid satcom challenges and margin compression. 1HFY24 core net profit came in at S$336.5mil (+0.8% h-o-h, +12.3% y-o-y), accounting for 49% of the street/DBS’s full-year estimate and largely in line with expectations given that 2H tends to be seasonally stronger.
- - Read this at SGinvestors.io -
- Interim dividend per share of 4.0 cents was declared, consistent with ST Engineering's dividends in previous years.
Overall business momentum continues to be strong
- - Read this at SGinvestors.io -
- In the CA segment, both MRO and OEM sub-segments demonstrated remarkable growth, with revenue increasing by 32.3% and 19.9% y-o-y respectively, while the Digital Systems & Cyber and Marine sub-segments propelled growth in the DPS segment, growing by 15.6% and 18.8% y-o-y respectively, driven by contributions from D’Crypt and strong ship repair demand.
- Despite drag from the satcom business, overall urban solutions & satcom (USS) segment revenue grew 3% y-o-y, with the urban solutions sub-segment revenue rising by 8.6% y-o-y. This was led by TransCore, which saw double-digit growth y-o-y.
Group core operating profit margin shrank slightly
- Read more at SGinvestors.io.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Jason SUM CFA DBS Group Research | https://www.dbs.com/insightsdirect/ 2024-08-15
Read also DBS's most recent report:
2024-11-19 ST Engineering - Defence Takes The Offensive.
Price targets by 4 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
