Broker Name: 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 fair value of SGD 9.80, supported by robust growth in revenue, strong order wins, and a record-high order book. STE benefits from exposure to the multi-year defence spending upcycle, expanding aerospace MRO business, and ramp-up in passenger-to-freighter conversion.
• The group reported 13% YoY revenue growth in 3Q25, with broad-based contributions across Commercial Aerospace, Defence & Public Security, and Urban Solutions & Satcom. STE’s order book reached SGD 32.6b, providing strong revenue visibility into 2026. Despite a SGD 689m non-cash impairment in satcom, core businesses remain resilient, with special dividends proposed and disciplined capital management supporting shareholder returns.

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/private-banking/investment-research