ST Engineering - OCBC Investment Research 2025-08-15: Strong Order Book Momentum

ST Engineering: Strong Order Book Momentum

Published:
ST Engineering (SGX:S63) | SGinvestors.io
  • ST Engineering delivered revenue of S$5.9b in 1H25, up 7% y-o-y or 8% excluding forex translation effects, driven by growth across its core business. EBITDA rose 11% y-o-y to S$871m, while EBIT grew 15% to S$602m.

Strong 1H25 results with 20% y-o-y growth in PATMI.

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  • ST Engineering declared a dividend of 4.0 Singapore cents per share in 2Q25, taking total dividend per share for 1H25 to 8 Singapore cents, same as last year.

Broad-based segment gains, led by Commercial Aerospace (CA) and Defence & Public Security (DPS).

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  • The DPS segment achieved a 12% y-o-y growth in S$2.6b, with EBIT growing 13% to S$367m, supported by higher revenue and effective cost management. ST Engineering believes the growth in defence spending is structural and sees opportunities in the Middle East and Easter Europe.
  • The revenue for Urban Solutions & Satcom (USS) stayed flat y-o-y at S$921m, but EBIT rose 32% y-o-y from S$9m to S$12m due to a better margin mix and continued cost discipline.

Order book reached S$31.2b as of 30 June 2025.

  • Read more at SGinvestors.io.



Above is an excerpt from a report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.



OCBC Research Team OCBC Investment Research | https://www.iocbc.com/ 2025-08-15



Read also OCBC's most recent report:
2025-10-07 ST Engineering - Defence Is The Best Offence.

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 Dividend Payout Dates & Corporate Actions,
ST Engineering News






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