Singapore Technologies Engineering (ST Engineering)

ST Engineering expands MRO presence to Vietnam with $5.3 mil JVCo

SINGAPORE (June 6): ST Engineering’s Aerospace unit and Vietnam Airlines Engineering Company (VAECO), a subsidiary of Vietnam Airlines, have formed a 49:51 joint venture (JV) entity in Vietnam following a memorandum of understanding (MoU) signed in April last year.

Called Vietnam Singapore Technologies Engineering Aerospace, the JV company was set up with a capital of US$3.9 million ($5.3 million) to provide component maintenance, repair & overhaul (MRO) solutions.

It also establishes ST Engineering’s foray into Vietnam.

March CPI eases on lower power prices; Best World not having the best of times

SINGAPORE (Apr 29): The Department of Statistics on April 23 released the Consumer Price Index (CPI) for March. Core inflation, which excludes housing and private transport costs, has eased to 1.4% from 1.5% in February. The slightly lower inflation is attributed to softer increases in electricity and gas tariffs, which offset the pickup in services and food inflation.

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ST Engineering secures contracts worth $2.1 bil for 1Q19

SINGAPORE (Apr 22): ST Engineering announced that its Aerospace and Electronics sectors have won new contracts with a combined value of $2.1 billion for 1Q19.

The Aerospace sector secured $1.3 billion in contracts, including the 10-year service agreement from a long-time customer, a major North America operator to provide heavy maintenance checks for its entire fleet of A300 and Boeing 757. This agreement, as announced on 25 February 2019, covers over 160 widebody and narrowbody aircraft to be serviced at the sector’s US facilities in San Antonio and Pensacola, US from 2020.

ST Engineering's aerospace arm secures $450 mil worth of contracts in 4Q18

SINGAPORE (Jan 15): ST Engineering announced that its aerospace arm has secured about $450 million worth of new contracts in 4Q18 for services including maintenance and modification for wide-ranging aircraft parts from the airframe to components.

This bring the total worth of new contracts secured in FY18 to $2.06 billion.

During the quarter, a number of new contracts secured were for airframe heavy maintenance checks to service both commercial aircraft and private jets.

Singapore's transport sector is stuck in a jam: DBS

SINGAPORE (Dec 21): DBS has a “neutral” rating on Singapore’s transport sector in 2019, with hopes that a better-than-expected economic growth and activity globally would help improve demand volume and pricing for the transport sector.

This in turn should help improve ROEs, which have been under pressure for the past few years.

The research house has ComfortDelGro and ST Engineering as its top “buy” picks. Meanwhile, for air travel growth proxies, DBS likes SATS and China Aviation Oil (CAO).

9 undervalued stocks to watch in the MSCI Singapore Index: KGI

SINGAPORE (Dec 18): KGI Securities has highlighted nine stocks in the MSCI Singapore Index that are currently undervalued, even as they each offer a FY18 dividend yield of more than 3.5%.

According to KGI, the nine stocks – ComfortDelGro Corporation, United Overseas Bank (UOB), Keppel Corporation, Singapore Technologies Engineering (ST Engineering), Singapore Exchange (SGX), Oversea-Chinese Banking Corporation (OCBC), CapitaLand, Genting Singapore (GENS), and Singapore Airlines (SIA) – are trading below their 10-year price-to-earnings (P/E) and price-to-book (P/B) averages.

Looking beyond quarterly fluctuations in ST Engineering's growth story

SINGAPORE (Nov 17): ST Engineering’s latest third-quarter results have shown improvements in profitability in three of its four key business units of aerospace, electronics, land systems and marine.

In addition to the main four, there is an “others” unit, which lumps together shared services, new ventures and other related activities. It reported a loss of $7.3 million.

ST Engineering’s latest third-quarter results have shown improvements in profitability in almost all its business units.

Analysts keep ST Engineering at 'buy' on strong order book; potential earnings upgrade

SINGAPORE (Nov 15): OCBC Investment Research and RHB Research are maintaining ST Engineering at “buy” with target prices of $3.95 and $3.97 respectively.

ST Engineering reported a 1% y-o-y rise in revenue to $1.6 billion and a 5.3% increase in net profit to $134.6 million in 3Q18, bringing 9M18 net profit to $369.8 million.

Both revenue and net profit for aerospace grew 13% y-o-y to $689 million and $55.4 million respectively in 3Q18, led by broad-based growth across business units.

ST Engineering posts 5% increase in 3Q earnings to $135 mil

SINGAPORE (Nov 14): ST Engineering reported a 5.3% increase in 3Q18 earnings to $134.6 million, compared to $127.8 million in 3Q17.

This brings 9M18 earnings to $369.8 million, 10.5% higher than $334.5 million in 9M17.

During the quarter, revenue rose 1% to $1.63 billion from $1.61 billion last year, mainly due to higher contributions from the group’s Aerospace and Electronics sector, but partially offset by declines from its Land Systems, Maine and Others sectors.

ST Engineering wins $590 mil of aerospace contracts in 3Q

SINGAPORE (Oct 15): ST Engineering’s aerospace business sector has secured new contracts totalling $590 million in value in 3Q18 for services ranging from airframe, engine and component maintenance, to engine wash.

A number of the contracts are multi-year agreements, including a four-year ATR 72 landing gear overhaul agreement from an Asian airline; a five-year contract extension to maintain the PW4000 thrust reversers and inlets of an European operator’s A300-600 fleet; and heavy maintenance agreements from American freight operators.

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