ST Engineering - DBS Research 2025-11-13: Growth To Accelerate As Satcom Reset Nears End

• ST Engineering's Group revenue rose 12.9% y-o-y to S$3.1bn, bringing 9M25 revenue to S$9.1bn (+9% y-o-y), 73.5% of the street’s full-year forecasts and in line given seasonally stronger 4Q contributions. Segmentally, Commercial Aerospace (CA) remained the growth driver with 22% y-o-y growth to S$1.3bn on robust engine MRO and nacelle output, partly offset by lower passenger-to-freighter (P2F) conversions amid limited feedstock and OEM delivery delays.
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Healthy contract momentum sustained.

• 3Q25 contract wins totalled S$4.9bn, implying a robust book-to-bill ratio of 1.6x and lifting the order backlog to a new record of S$32.6bn as of end-Sep 2025.
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• Commercial Aerospace also performed well on the contract front, securing long-term engine MRO agreements and Airbus A380 heavy airframe maintenance work, while Urban Solutions saw more smart mobility wins for rail and road.

Satcom impairment cleans slate for recovery.

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Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Previous report by DBS:
2025-08-15 ST Engineering - Solid 1H25, But Fails To Clear A High Bar.

Price targets by 3 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