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ST Engineering (SGX:S63) secured new contracts worth S$4.8bn (+7% y-o-y, +2% q-o-q) in 1Q26, sustaining its strong momentum and marking its sixth consecutive quarter of >S$4bn contract wins. If sustained, 1Q26 order wins will annualise to S$19.2bn, exceeding 2025's record S$18.8bn.
Still BUY and S$12.30 target price (14% upside), ~2% yield.
- - Read this at SGinvestors.io -
Commercial Aerospace: S$1.7bn (+31% y-o-y, flat q-o-q).
- - Read this at SGinvestors.io -
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A&S demand for nacelles and composite panels held firm on OEM schedules, while two A330-300 passenger-to-freighter (P2F) conversions reinforced ST Engineering's positioning in Asia's e-commerce-driven cargo market.
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Oliver Wyman sees global MRO demand reaching US$193bn by 2030 (2025: US$136bn), benefiting ST Engineering as the world's largest independent MRO provider.
Defence & Public Security: S$2.4bn (-11% y-o-y, -4% q-o-q).
- Read more at SGinvestors.io.
