- ST Engineering's 1H25 results met expectations: both revenue and adj. PATMI was 46% of our FY25e forecast. All segments contributed to earnings growth. Order book has climbed 12% y-o-y to S$31.2bn.
- - Read this at SGinvestors.io -
- 2H25e earnings will be supported by defence MRO and ammunition sales, data centre and cybersecurity projects, aircraft MRO and operations, and interest savings from the disposal of LeeBoy and SPTel.
The Positive
Growing order book.
- ST Engineering continues to grow at a healthy rate, up 1% y-o-y to record S$31.2bn. Order wins in 1H25 jumped 49% y-o-y to S$9.1bn.
- - Read this at SGinvestors.io -
The Negative
Satellite businessis still contracting.
- Read more at SGinvestors.io.
