- ST Engineering (SGX:S63)'s FY25 results were within expectations. Revenue/adj. PATMI were 97%/99% of our FY25e forecast. Headline earnings were a decline of 34% y-o-y to S$462mil due to S$667mil impairment of iDirect. FY25 adj. PATMI was up 21% to S$850mil.
- - Read this at SGinvestors.io -
The Positive
Jump in commercial aerospace earnings.
- Aircraft MRO led revenue growth with an increase of 34% y-o-y to S$1.5bn. The key driver of growth has been the engine, as aircraft fleets are being deployed for longer due to bottlenecks in delivery.
- - Read this at SGinvestors.io -
The Negative
Satellite operational losses.
- Satcom revenue was revenue contracted 16% y-o-y in 2H25 to S$141mil, pulling down USS operating earnings by 36%.
- Strategic options for Satcom are ongoing, but emphasis has been on more cost savings.
Outlook
- Read more at SGinvestors.io.
