ST Engineering - RHB Research 2025-02-18: Order Wins To Support Growth Beyond 2024

• We expect ST Engineering to end 2024 strongly, and anticipate 2H24 PATMI of S$343m (+12.2% y-o-y, +1.9% h-o-h). ST Engineering it is set to announce full-year results next week. See Earnings Calendar.
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ST Engineering's order wins in 4Q24.

• ST Engineering (SGX:S63) secured ~S$4.3bn worth of new contracts in 4Q24. These comprise
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  • S$1.7bn (+13% y-o-y, +260% q-o-q) from the Defence & Public Security (DPS) segment, and
  • S$0.7bn (+9% y-o-y, -26% q-o-q) from the Urban Solutions & Satcom (USS) segment.
• This brings its 2024 order wins to ~S$12.5bn (-17% y-o-y).
• Key highlights for each segment order win are:

Commercial Aerospace (CA):

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Shekhar Jaiswal RHB Securities Research | https://www.rhbgroup.com/ 2025-02-18 SGinvestors.io

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