STE Delivered Soft 1Q Result; but Underlying Fundamentals Improve
The narrow moat-rated Singapore Technologies Engineering, or STE, delivered a soft first-quarter result with net income and revenue declining 6% year on year and 5% year on year, respectively, to SGD 103 million and SGD 1.5 billion. Excluding the lower-than-expected other income (mainly wage credit), STE’s bottom line would have increased 10% year on year and met our expectation. We maintain our fair value estimate of SGD 3 per share, and consider the current market price overvalued relative to ...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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