- ST Engineering (SGX:S63)’s 9M25/3Q25 revenue came in slightly above our expectations, at 75.5%/26.2% of our full-year forecasts respectively. 3Q25 interim ST Engineering's dividends maintained at 4 cents.
Upbeat revenue growth across all key segments.
- - Read this at SGinvestors.io -
Commercial Aerospace (CA):
- CA revenue rose 11% y-o-y to S$3.63b in 9M25 (3Q25: S$1.29b, +22% y-o-y) due to strong engine MRO and Nacelles growth, partially offset by lower passenger-to-freighter (PTF) revenue.
Defence & Public Security (DPS):
- DPS revenue rose 9% to S$3.98b in 9M25 (3Q25: S$1.27b, +5% y-o-y), driven by growth in all sub-segments.
Urban Solutions and Satcom (USS):
- - Read this at SGinvestors.io -
Strong order wins of S$4.9b in 3Q25 pushing orderbook to a new record high of S$32.6b.
- 3Q25 represents the fourth consecutive quarter of order wins exceeding S$4.0b, reflecting the strong underlying demand for ST Engineering’s product and services.
- Note that the record-high level of S$32.6b orderbook as of end-3Q25 has yet to include a sizeable US$1.73b (S$2.25b) New Jersey tolling system back-office project due to a competitor’s appeal to the court, even though STE has already commenced work on the project.
Divestment of LeeBoy, CityCab and SPTel were completed, recouping S$594m cashproceeds and leading to a 5 cents special dividend (total 11 cents) in 4Q25.
- Read more at SGinvestors.io.
