ST Engineering's 1Q Profit Growth Reaches Double Digits for First Time in a While; FVE Unchanged
Narrow-moat-rated Singapore Technologies Engineering saw a decent first-quarter performance as net profit grew 11% year over year, with its larger aerospace and electronics segment earnings supported by a stronger uptick in its marine activities. The performance is largely in line with our full-year profit forecast and we are keeping our earnings forecasts and fair value estimate of SGD 4.36 unchanged. Profitability was within expectations, with EBITDA margin at 12% in the first quarter. The bot...Singapore Technologies Engineering is an investment holding company. Co. and its subsidiaries have four business sectors: Aerospace, which provides a range of aircraft maintenance, engineering and training services for both military and commercial aircraft operators; Electronics, which engages in the design, development and integration of electronics and communications systems; Land Systems, which delivers integrated land systems, specialty vehicles and their related through-life support; and Marine, which provides customised shipbuilding, repair and conversion services to both naval and commercial vessels, at Co.'s yards in Singapore and the U.S.
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