Shekhar Jaiswal - ST Engineering had a solid 1Q26, with revenue up 15% (rebased), and 17% in constant currency. STE guided that profit growth outpaced rebased revenue growth. Its record S$34.5bn orderbook (with S$8bn in deliverables in the rest of 2026) supports strong revenue visibility.
- - Read this at SGinvestors.io -
Commercial Aerospace (CA: S$1.3bn revenue, +15% y-o-y) delivered its best-ever 1Q, driven by engine MRO and nacelle deliveries.
- The sequential dip from 4Q25 reflects seasonality. STE confirmed no MRO deferrals by customers to date despite the Middle East conflict.
- - Read this at SGinvestors.io -
Defence & Public Security (DPS: S$1.4bn revenue, +13% y-o-y rebased) saw strong momentum.
- International defence wins in 1Q26 alone nearly doubled the total chalked in FY25, anchored by the EUR315m Qatar land MRO contract and the S$600m Kuwait missile gun boats sub-contract.
- It unveiled a specific, active international defence opportunities pipeline worth US$11bn over the next 18-24 months, spanning land, naval, munitions, cyber, and unmanned systems across the Middle East, Europe, and Asia-Pacific. This is on top of the already announced order win.
- Domestic defence demand remains healthy, and international vs domestic margins are largely comparable.
Urban Solutions & Satcom (USS: S$525m revenue, +18% y-o-y) marked its strongest 1Q on record.
- Read more at SGinvestors.io.
Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.
Shekhar Jaiswal RHB Securities Research | https://www.rhbgroup.com/ 2026-05-19
Previous report by RHB:
2026-04-28 ST Engineering - 1Q26 Order Wins Sustain Strong Momentum; BUY.
Price targets by 4 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
