- ST Engineering (SGX:S63)'s FY25 results in-line with expectations, with strong traction in commercial aerospace (CA) and defence and public security (DPS).
- ST Engineering reported full-year core net profit of S$851mil, tracking well with the street’s full-year estimate of S$854.0mil (+21.2% y-o-y), with growth underpinned by strength in its CA and DPS segments.
- - Read this at SGinvestors.io -
Commercial Aerospace (CA) was the key growth engine.
- In 2H25, CA achieved revenue of S$2.6bn (+12% h-o-h, +23% y-o-y), while core operating profits at S$244.5mil (+33% y-o-y), with margins expanding 0.76ppt to 9.3%, the strongest level recorded since the pandemic.
- - Read this at SGinvestors.io -
Resilient margins in defence and public security (DPS).
- DPS revenue rose 5% y-o-y to S$2.7bn, and would have recorded growth of around 9-10% excluding the effects of LeeBoy’s divestment in Sep-25, with core operating profits at S$354.3mil (+15% y-o-y) and margins of 13.2% (+1.2ppt y-o-y), primarily underpinned by growth across all sub-segments and favourable revenue mix and productivity gains.
Urban solutions & satcom (USS) was the only blip in an otherwise impressive result.
- Read more at SGinvestors.io.
