- We view iDirect’s non-cash impairment positively, as it removes an earnings drag. 9M25 revenue was at 74% of our 2025 estimate, and the S$32.6bn orderbook provides 2.8 years of revenue visibility.
In-line 9M25.
- ST Engineering (SGX:S63) posted 9M25 revenue of S$9.1bn (+9% y-o-y) – supported by solid execution across all three business segments – at 74% of our full-year forecast.
- - Read this at SGinvestors.io -
- Defence & Public Security (DPS) revenue grew 9% to S$3.9bn with contributions across all sub-segments.
- Urban Solutions & Satcom (USS) revenue rose 5% to S$1.4bn, driven by Urban Solutions.
Higher dividends.
- - Read this at SGinvestors.io -
- ST Engineering also reiterated its 2026 dividend framework, which includes quarterly distributions and a commitment to pay out roughly one-third of the y-o-y increase in net profit as incremental dividends.
iDirect impairment clears a drag.
- Read more at SGinvestors.io.
