Broker Name: OCBC Investment Research
Date of Report: 14 November 2025

Excerpt from OCBC Investment Research report.

• Report Summary
• ST Engineering (STE) continues to show robust growth, with strong revenue and order momentum across its key segments, driven by defence, aerospace, and urban solutions. The company declared higher dividends and maintains a record order book, providing solid visibility for future earnings.
• Despite non-cash impairments in its satellite communications business, STE’s core operations remain resilient, supported by disciplined capital management and ongoing contract wins. The fair value estimate has been raised to SGD 9.80, reflecting positive outlook and operational strength.

Above is an excerpt from a report by OCBC Investment Research. Clients of OCBC Investment Research can be the first to access the full report from the OCBC website : https://www.ocbc.com