ST Engineering - DBS Research 2026-03-02: Growth To Accelerate As Satcom Drag Nears End

• 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.
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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.
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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.

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

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