ST Engineering 1H25 - Phillip Securities 2025-08-18: Within Expectations

• 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.
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• 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.
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The Negative

Satellite businessis still contracting.

• Read more at SGinvestors.io.

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

Read also Phillip's most recent report:
2026-03-02 ST Engineering - Escalating Defence Tailwinds.

Price targets by 5 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