- ST Engineering's 1Q25 revenue rose 8% y-o-y to S$2.9b, led by defence and public security.
- The quarter saw strong contract wins well spread across the 3 businesses. However, we need to monitor risks to demand posed by tariffs.
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Steady top line growth, dividend maintained
- As mentioned, 1Q25 revenue increased steadily by 8% y-o-y (-1.7% q-o-q), led by the Defence and Public Security (DPS) business (revenue +18% y-o-y to S$1.3b). Growth in all sub-segments was supported by project timing.
- Commercial Aerospace (CA) 1Q25 revenue of S$1.2b was flat y-o-y despite the high base of last year. The trend of strong engine MRO growth was offset by lower PTF revenue.
- Urban Solutions & Satcom (USS) revenue grew 4% y-o-y to S$0.5b. Growth in urban solutions was partially offset by Satcom.
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- ST Engineering maintained dividend of S$0.04 for 1Q25.
Expanding order book, monitoring tariff situation
- Read more at SGinvestors.io.
