- We raise 2024 topline forecast for ST Engineering by 3% to account for revenue from within-quarter business. 2025-2026 revenue is raised (by 2% each) amidst a stronger outlook for Defence & Public Security (DFS) and Commercial Aerospace (CA).
- - Read this at SGinvestors.io -
- ST Engineering's 4Q24 order delivery guidance of S$2.6bn equalled our revenue estimate for the quarter.
Key changes to estimates.
- - Read this at SGinvestors.io -
- The more significant changes to our 2024 profit estimates are from reducing the margin for the Urban Solutions & Satcom (USS) segment, which remains soft amidst slower-than-expected improvements in the Satcom business.
- While we remain positive on ST Engineering being able to register margin improvement for the USS segment, we are now a bit more cautious about the rate of this improvement in 2025.
Still upbeat on the outlook.
- Read more at SGinvestors.io.
