ST Engineering - UOB Kay Hian 2024-11-19: 3Q24 Revenue In Line; Expect To End 2024 On A Strong Note

ST Engineering - 3Q24 Revenue In Line; Expect To End 2024 On A Strong Note

Published:
ST Engineering (SGX:S63) | SGinvestors.io
  • ST Engineering’s 3Q24 revenue of S$2.78b (+14% y-o-y, -1% q-o-q) was in line with our expectations, at 25% of our full-year forecast. 9M24 revenue of S$8.30b (+14% y-o-y) stood at 74%.
  • - Read this at SGinvestors.io -

Segmental revenue performance was more mixed.

Defence & public security (DPS).

  • 3Q24 DPS revenue of S$1.27b (+31% y-o-y, +2% q-o-q) came in slightly above our expectations, with 9M24 revenue of S$3.64b (+18% y-o-y) forming 77% of our full-year forecasts. DPS has seen revenue growth across all sub-segments on the back of strong demand.

Commercial aerospace (CA).

  • 3Q24 CA revenue of S$1.05b (+7% y-o-y, -2% q-o-q) was slightly weaker than expected, with 9M24 revenue of S$3.29b (+16% y-o-y) forming 73% of our full-year forecast.
  • - Read this at SGinvestors.io -

Urban solutions & satcom (USS).

  • 3Q24 USS revenue of S$455m (-5% y-o-y, -7% q-o-q) was slightly behind our projections, with 9M24 revenue of S$1.37b (+0.3% y-o-y) forming 70% of our full-year projections.
  • In 9M24, revenue growth at the urban solutions sub-segment (including TransCore) was largely offset by lower Satcom revenue.

Orderbook dipped slightly q-o-q, partly due to forex translation.

  • Read more at SGinvestors.io.




Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.




Roy Chen CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-11-19



Previous report by UOB:
2024-08-15 ST Engineering - 1H24 Results In Line; Expecting Record-High Levels Of Revenue & Profit In 2024.

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





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