- Although ST Engineering does not disclose any measure of earnings in its quarterly updates, we note that a positive revenue mix (higher contribution from the Defence & Public Security (DPS) division with 12%-13% operating profit margins) suggests that the group’s earnings during the period were likely better than expected, barring any material adverse developments from other segments.
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1QFY25 revenue met expectations despite mixed performance across segments.
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- The Urban Solutions and Satcom (USS) division grew by 4.0% y-o-y, as drag from the satcom business (owing to delays in new order wins, which impacts near-term revenue as satcom’s conversion cycle is shorter) offset decent growth from the urban solutions business.
- The Defence & Public Security (DPS) segment was the sole outperformer, with revenue surging 17.7% y-o-y, bolstered by robust growth across all domains in local and international markets.
Solid contract wins amounting to S$4.4bn in 1QFY25
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