- ST Engineering (SGX:S63)'s 1H24 results were within expectations. 1H24 revenue and PATMI were 50%/47% respectively of our FY24e estimates. Adjusted PATMI rose 12% y-o-y to S$337mil. Of the eight major divisions, seven registered revenue growth, except for Satcom.
- - Read this at SGinvestors.io -
- We increased our margin assumption from greater operating leverage in commercial aerospace and higher product sales in defence. We raised our FY24e earnings forecast for ST Engineering by 4% to S$743mil.
The Positive
Commercial Aerospace (CA) robust revenue growth.
- - Read this at SGinvestors.io -
- Margins for MRO were impacted by supply chain and spare parts availability, which raised repair turn times.
- The mid-single-digit margin on the passenger-to-freight conversion (PTF) was another drag on earnings.
The Negative
Satcom weakness.
- 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/ 2024-08-18
Read also Phillip's most recent report:
2024-11-19 ST Engineering - Revenue Momentum Intact.
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
