The better showing by ST Engineering was due to a strong pick-up in its two largest business segments of commercial aerospace and defence and public security, which were up 32% y-o-y and 14% respectively. This has inspired several analysts to upgrade their calls as they expect the earnings growth to continue, underpinned by an order book of some $27.7 billion. The company is maintaining its quarterly dividend payout of 4 cents.
Singapore Technologies Engineering bought back shares once again after its 1QFY2024 ended March business update on May 13 which reported an 18% y-o-y revenue jump.
On the same day after the update, ST Engineering bought back 500,000 shares on the open market at between $3.98 and $4.03 each. This brings the total number of shares bought back under the current mandate to 6.38 million. The strong showing helped lift ST Engineering’s share price to as high as $4.30 on May 15, its highest level in 50 months.
