STE FY16 Net Earning Beat on Higher Margin from Land Systems; FVE Maintained at SGD 3 per Share
Narrow moat-rated Singapore Technologies Engineering, or STE, delivered a solid 2016 result. Excluding the SGD 61 million impairment loss from the disposal of Jiangsu Huaran Kinetics Co, or JHK, net income would have increased by 4% year on year and exceeded our expectation by 10%. Meanwhile, the 5.5% year-on-year revenue growth was in line with our estimate. The earning beat was largely driven by better-than-anticipated margin at Land Systems unit, while the remaining divisions performed as exp...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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