Broker: OCBC Investment Research
Date of Report: 14 November 2025
Excerpt from OCBC Investment Research report.
Report Summary
- ST Engineering (STE) is rated BUY with a raised fair value of SGD 9.80, reflecting sustained growth, robust order wins, and resilient operational performance across its aerospace, defence, and urban solutions segments.
- In 3Q25, STE recorded strong revenue growth (+13% YoY), a record order book (SGD 32.6b), and proposed a special dividend, despite some one-off impairments in its satcom business; outlook remains positive with healthy contract pipeline and disciplined capital management.
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 Investment Research website: https://www.ocbc.com/personal-banking/investments/research.html
