DOCSLIB.ORG

ST Engineering

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
ST Engineering Singapore Company Guide ST Engineering Version | Bloomberg : STE SP | Reuters: STEG.SI Refer to important disclosures at the end of this report DBS Group Research . Equity 16 May 2016 BUY Orderbook remains robust Last Traded Price: S$3.08 (STISTISTISTI : 2,734.91) Maintain BUY; investment thesis intactintact.. ST Engineering remains Price Target : S$3.55 (15% upside) (Prev S$3.65) a defensive stock with a healthy balance sheet and secure dividend payouts amidst a volatile equity market. Its Aerospace Potential Catalyst: Smart city order wins, M&A segment has positioned itself well by investing in growth Where we differdiffer:::: Slightly more bearish on earnings estimates markets such as narrow-body aircraft Passenger-to-Freighter (PTF) conversions, the Chinese MRO market, and cabin interior Analyst Suvro SARKAR +65 6682 3720 [email protected] solutions, to name a few. The Electronics segment should also Singapore Research Team benefit from the ‘Smart City’ trend, which could open up a US$400-500bn market by 2020. What’s New 1Q1Q1Q161Q 16 core profits in line; orderbook healthy. Headline profits • 1Q16 core profits in line; headline PBT affected by before tax (PBT) for 1Q16 came in at S$130m, down 13% y-o- one-off items y and 22% q-o-q, but this was skewed by one-off items • Revenues boosted by Aerospace initiatives including fair value gains, Singapore Airshow expenses and provisions on US shipbuilding contracts, without which we • Orderbook of S$11.5bn remains healthy think the Group would have achieved a ~S$160-165m PBT. Tweaking forecasts on EFW consolidation and nearnear----termterm Price Relative margin pressurespressures.... We adjust our revenues upward by 2% each S$ Relative Index in FY16 and FY17 mainly to account for the consolidation of 4.4 207 subsidiary EFW after ST Aerospace increased its stake to 55%. 187 Profits are revised down by 6%/4% in FY16/FY17 due to 3.9 167 margin pressures at the Marine segment (poor US shipbuilding 3.4 147 127 performance), Electronics segment (higher R&D and marketing 2.9 107 for new products) and Aerospace segment (as new businesses 2.4 87 May-12 May-13 May-14 May-15 May-16 ramp up operations). ST Engineering (LHS) Relative STI INDEX (RHS) Valuation: Forecasts and Valuation Our TP is adjusted to S$3.55 following the cut in earnings. The FY Dec (((S$S$S$ m) 2014 AAA 2015 AAA 2016 FFF 2017 FFF TP is based on a blended valuation framework to factor in both Revenue 6,539 6,335 6,695 6,649 EBITDA 835 834 833 869 earnings growth and cash-generative nature of the business. Pre -tax Profit 651 630 612 644 Net Profit 532 529 505 531 Key Risks to Our View: Net Pft (Pre Ex.) 532 529 505 531 The structural changes facing the aircraft MRO industry could Net Pft Gth (Pre -ex) (%) (8.4) (0.5) (4.5) 5.0 EPS ( S cts ) 17.1 17.1 16.3 17.1 hit harder than expected, as newer airframe and engines EPS Pre Ex. ( S cts ) 17.1 17.1 16.3 17.1 reduce maintenance spend and lengthen the cycle for checks EPS Gth Pre Ex (%) (9) 0 (4) 5 and OEMs take a larger share of the aftermarket services. Also, Diluted EPS (S cts ) 17.1 17.1 16.3 17.1 Net DPS ( S cts ) 15.0 15.0 15.0 15.0 continued lack of action on the M&A front could lead to BV Per Share ( S cts ) 68.4 68.7 70.0 72.2 inefficient use of balance sheet and lower ROEs in the future. PE (X) 18.1 18.1 18.9 18.0 PE Pre Ex . (X) 18.1 18.1 18.9 18.0 At A Glance P/Cash Flow (X) 15.4 20.5 16.4 14.2 Issued Capital (m shrs) 3,105 EV/EBITDA (X) 11.0 11.6 11.7 11.2 Mkt. Cap (S$m/US$m) 9,563 / 6,970 Net Div Yield (%) 4.9 4.9 4.9 4.9 Major Shareholders (%) P/Book Value (X) 4.5 4.5 4.4 4.3 Net Debt/Equity (X) CASH 0.0 0.0 0.0 Temasek Holdings Pte Ltd (%) 51.3 RO AE (%) 25.0 24.8 23.5 24.1 Aberdeen Asset Management (%) 6.0 Capital Group (%) Earnings Rev (%): (6) (4) 5.0 Consensus EPS (S cts )::: 16.5 17.2 Free Float (%) 37.7 Other Broker Recs: B: 5 S: 1 H: 6 3m Avg. Daily Val (US$m) 8.2 ICB Industry : Industrials / Aerospace & Defense Source of all data: Company, DBS Bank, Bloomberg Finance L.P ASIAN INSIGHTS VICKERS SECURITIES ed: TH / sa:YM Company Guide ST Engineering WHAT’S NEW up operations to peak levels. However, we believe these new Investment thesis intact businesses in cabin interiors and passenger-to-freighter conversions position the Aerospace segment to ride on 1Q16 core profits in lineline.... Headline profits before tax (PBT) growth trends in the region, and will drive profits in the for 1Q16 came in at S$130m, down 13% y-o-y and 22% q- medium term. o-q, and representing 20% of our full-year forecast. This was mainly due to: i) fair value losses of S$12.5m on the Group’s Land systems down but not outout.... The Land Systems segment financial instruments/hedges; ii) one-off expenses of S$9m saw revenues fall by 17% y-o-y to S$285m in 1Q16, as all on the Singapore Airshow; and iii) provisions taken at the three of its business groups recorded declines in revenues, Marine segment on shipbuilding projects. Otherwise, we mainly from project deliveries being shifted out. As a result, think core PBT of ~S$160-165m was roughly in line with our PBT for the segment fell by 28% y-o-y to S$11.5m. While estimates. Meanwhile, order wins YTD in 2016 totalling sales of road construction vehicles remain weak in Brazil and S$948m are in line with last year’s pace, and an S$11.5bn China, and should continue to weigh on profitability, the orderbook as of 31 March 2016 maintains revenue visibility. recently announced sale of its entire 60% stake in the underperforming Guizhou Jonyang Kinetics (GJK) business – Provisions drag Marine earnings downdown.... The Marine segment which mainly builds excavators in China – should help the saw its PBT plummet to S$3.3m in 1Q16, down 85% y-o-y Land Systems segment reduce margin pressure going from S$23.4m. This was primarily due to the shipbuilding forward. segment's net loss of S$11.4m for the quarter, as provisions were taken on its projects in the US. We do not expect such Strong toptop----lineline growth for ElectronicsElectronics.... Revenues for the substantial net losses to be recurring, although we cannot Electronics segment were up 28% y-o-y at S$464m, driven rule out additional provisions entirely since the US operations by strong sales at the Communications & Sensor Systems continue to suffer from design, vendor performance and business group, due to roll-out of new products. PBT grew scheduling issues. by 13.4% y–o-y to S$39.5m. The full revenue impact did not flow through due to high investments in R&D, marketing Aerospace segment is well positionedpositioned.... The Aerospace expenses for new products and other expenses such as segment’s PBT of S$75.2m was up by 5% y-o-y, on higher spending on the Singapore Airshow dampened. revenues (boosted by contribution from EFW, which became a subsidiary of ST Aerospace in January 2016 after ST Aerospace increased its interest in the company to 55%) and contributions from associates. However, PBT margins were weaker, at 12.1% vs. 14.6% in 1Q15, reflecting the contribution from new subsidiaries which have yet to ramp Quarterly / Interim Income Statement (S$m) FY Dec 1Q1Q1Q20151Q 2015 4Q4Q4Q20154Q 2015 1Q1Q1Q20161Q 2016 % chg yoy % chg qoq Revenue 1,511 1,779 1,627 7.7 (8.5) Cost of Goods Sold (1,219) (1,441) (1,335) 9.5 (7.3) Gross Profit 292 338 292 (0.1) (13.5) Other Oper. (Exp)/Inc (149) (185) (180) 20.8 (2.6) Operating Profit 143 153 112 (21.9) (26.7) Other Non Opg (Exp)/Inc 0.0 0.0 0.0 nm nm Associates & JV Inc 11.2 17.6 22.6 102.6 28.5 Net Interest (Exp)/Inc (4.0) (3.9) (4.2) (6.2) (9.7) Exceptional Gain/(Loss) 0.0 0.0 0.0 nm nm PrePrePre ---tax Profit 151 167 130 (13.4) (21.7) Tax (19.0) (23.4) (19.6) 3.1 (16.1) Minority Interest (1.5) (2.3) (0.6) (63.8) (76.7) Net Profit 130 141 110 (15.2) (21.7) Net profit bef Except. 130 141 110 (15.2) (21.7) EBITDA 199 221 190 (4.4) (13.7) Margins (%) Gross Margins 19.4 19.0 18.0 Opg Profit Margins 9.5 8.6 6.9 Net Profit Margins 8.6 7.9 6.8 Source of all data: Company, DBS Bank ASIAN INSIGHTS VICKERS SECURITIES Page 2 Company Guide ST Engineering Aerospace sales growth (%) CRITICAL DATA POINTS TO WATCH 11.2 10.4 9.0 Earnings Drivers: 7.5 Conglomerate with diverse interests in defense and commercial 6.1 spheres. STE started out life as a defense contractor but has 4.7 4.1 leveraged its technical knowhow over the years to penetrate the 3.3 3 commercial market.
Load more

Recommended publications
  • Operations Review
    OPERATIONS REVIEW SINGAPORE PUBLIC TRANSPORT SERVICES (BUS & RAIL) • TAXI AUTOMOTIVE ENGINEERING SERVICES • INSPECTION & TESTING SERVICES DRIVING CENTRE • CAR RENTAL & LEASING • INSURANCE BROKING SERVICES OUTDOOR ADVERTISING Public Transport Services The inaugural On-Demand Public Bus ComfortDelGro Corporation Limited is Services trial, where SBS Transit operated a leading provider of land transport and five bus routes – three in the Joo Koon area related services in Singapore. and two in the Marina-Downtown area – for 2.26 the LTA ended in June 2019. Conducted REVENUE Scheduled Bus during off-peak hours on weekdays, (S$BILLION) SBS Transit Ltd entered into its fourth year commuters could book a ride with an app of operating under the Bus Contracting and request to be picked up and dropped Model (BCM) in 2019, where the provision off at any bus stop within the defined areas. of bus services and the corresponding It was concluded by the LTA that such bus standards are all determined by the Land services were not cost-effective due to Transport Authority (LTA). Under this model, the high technology costs required in the Government retains the fare revenue scaling up. and owns all infrastructure and operating assets such as depots and buses. A major highlight in 2019 was SBS Transit’s active involvement in the three-month long 17,358 Bus routes in Singapore are bundled into public trial of driverless buses on Sentosa TOTAL OPERATING 14 bus packages. Of these, SBS Transit Island with ST Engineering. Operated as an FLEET SIZE operated nine. During the year, it continued on-demand service, visitors on the island to be the biggest public bus operator with could book a shuttle ride on any of the a market share of 61.1%.
    [Show full text]
  • ST Engineering
    Singapore Company Guide ST Engineering Version 5 | Bloomberg: STE SP | Reuters: STEG.SI Refer to important disclosures at the end of this report DBS Group Research . Equity 10 Nov 2016 BUY Earnings should rebound in FY17 Last Traded Price ( 10 Nov 2016): S$3.11 (STI : 2,834.09) Price Target 12-mth: S$3.50 (13% upside) (Prev S$3.55) Maintain BUY; good entry point. ST Engineering (STE) remains a relatively defensive stock with a healthy balance sheet and Potential Catalyst: Smart city-related contract wins, M&A secure dividend payouts, and the recent share price retreat Where we differ: Slightly more conservative on earnings than consensus creates a better entry point for the stock now. Its Aerospace segment has positioned itself well by investing in growth Analyst markets such as narrow-body aircraft Passenger-to-Freighter Suvro SARKAR +65 6682 3720 [email protected] (PTF) conversions, the Chinese MRO market, and cabin interior Singapore Research Team [email protected] solutions, to name a few. The Electronics segment should also benefit from the ‘Smart City’ trend, not only in Singapore but What’s New various overseas markets as well. 3Q16 core earnings in line with expectations 3Q16 earnings in line, excluding one-off writedowns. STE reported headline net profit of S$76.7m, but excluding S$61.1m Exit from Chinese specialty vehicle business in one-off writedowns and closure costs related to its Chinese removes a significant drag on earnings specialty vehicles subsidiary that has ceased operations, 3Q16 core net profit of S$137.8m (up 3% y-o-y, 8% q-o-q) was FY16 dividends likely to be maintained at 15 Scts within expectations.
    [Show full text]
  • Changing Hands Tracking Fund Flows in the Singapore Stock Market
    Changing hands Tracking fund flows in the Singapore stock market Week of Jan 11, 2021 I Institutional investors net buy (+S$130.0m) vs (+S$381.9m) a week ago I Retail investors net sell (-S$180.1m) vs (-S$620.0m) a week ago Top 10 institution net buy Top 10 institution net sell STOCKS CODE (S$M) STOCKS CODE (S$M) OCBC O39 31.0 City Developments C09 (28.0) Jardine Cycle & Carriage C07 26.8 Ascendas Reit A17U (20.6) DBS D05 24.3 ST Engineering S63 (19.5) CapitaLand C31 18.1 Mapletree Industrial Trust ME8U (10.2) Singtel Z74 16.4 Keppel Infrastructure Trust A7RU (7.5) Yangzijiang Shipbuilding BS6 15.2 Sheng Siong Group OV8 (5.5) SIA C6L 13.9 Jardine Matheson J36 (5.0) iFAST Corporation AIY 11.7 Top Glove Corporation BVA (4.3) SPH T39 11.5 Suntec Reit T82U (4.3) UOB U11 11.2 Nanofilm Technologies MZH (3.7) Top 10 retail net buy Top 10 retail net sell STOCKS CODE (S$M) STOCKS CODE (S$M) City Developments C09 22.4 Singtel Z74 (40.8) Ascendas Reit A17U 11.2 Yangzijiang Shipbuilding BS6 (28.8) Mapletree Industrial Trust ME8U 8.2 Jardine Cycle & Carriage C07 (24.9) ST Engineering S63 7.4 SIA C6L (19.0) Keppel Infrastructure Trust A7RU 6.6 iFAST Corporation AIY (15.5) Top Glove Corporation BVA 5.7 OCBC O39 (15.2) SGX S68 4.8 CapitaLand C31 (13.7) Sheng Siong Group OV8 4.5 Wilmar International F34 (12.3) Nanofilm Technologies MZH 4.1 Sembcorp Marine S51 (9.8) Aspen 1F3 3.2 AEM Holdings AWX (9.6) Institutional investors’ net buy/sell by sector (S$m) OVERALL WEEK OF SGX SECTOR CLASSIFICATION CONSUMER CONSUMER ENERGY FINANCIAL HEALTH INDUSTRIALS MATERIALS
    [Show full text]
  • Validated Maintenance Organisation Approvals | Bailiwick of Guernsey STATUS AS on 1 SEPTEMBER 2021
    Validated Maintenance Organisation Approvals | Bailiwick of Guernsey STATUS AS ON 1 SEPTEMBER 2021 Approval no. Name of Maintenance Organisation Country 2-REG.145.1.UK Aircraft Servicing Guernsey Limited United Kingdom 2-REG.145.2 RGV Aviation Limited United Kingdom 2-REG.145.3 Turkish Technic Turkey 2-REG.145.4 Rheinland Air Services GmbH Germany 2-REG.145.6 AMAC Aerospace Switzerland AG Switzerland 2-REG.145.7 ATS Aero Limited United Kingdom 2-REG.145.8 Fokker Services Netherlands 2-REG.145.9 Castle Air United Kingdom 2-REG.145.12 Inflite United Kingdom 2-REG.145.15 Jet Aviation Switzerland 2-REG.145.18 Airlines Maintenance Company France 2-REG.145.20 BCT Aviation Maintenance Ltd. United Kingdom 2-REG-145.25 OGMA – Industria Aeronáutica de Portugal S.A Portugal 2-REG.145.26 Air Works India Engineering Pvt. Ltd. T/A Air Works Commercial MRO India 2-REG.145.27 Gulfstream Aerospace Ltd. United Kingdom 2-REG.145.28 Caerdav Limited United Kingdom 2-REG.145.32 GMR Aero Technic Ltd EASA 2-REG.145.32.I M/s GMR Air Cargo and Aerospace Engineering Ltd. India 2-REG.145.33 Boeing Shanghai Aviation Services China 2-REG.145.35 SIA Engineering (Philippines) Philipines 2-REG.145.37 Cessna Zurich Citation Service Center GmbH Switzerland 2-REG.145.41 Storm Aviation Ltd. United Kingdom 2-REG.145.42 Tarmac Aerosave S.A.S France 2-REG.145.48 Signature Technicair United Kingdom 2-REG.145.50 AerSale Inc United States 2-REG.145.51 KLM Engineering & Maintenance Netherlands 2-REG.145.52 Contact Air Technik GmbH Germany 2-REG.145.54 Croatia Airlines d.d Croatia 2-REG.145.58 Apple Aviation United Kingdom 2-REG.145.59 ST Engineering Aerospace Services Company Pte.
    [Show full text]
  • Financial Statement and Dividend Announcement for the Period Ended December 31, 2003
    SEMBCORP INDUSTRIES LTD & ITS SUBSIDIARIES Full Year Financial Statement And Dividend Announcement for the Period Ended December 31, 2003. The Board of Directors of SembCorp Industries Ltd wishes to announce the unaudited results of the Group for the the Period Ended December 31, 2003. 1(a)(i) Profit and Loss Statement of the Group. GROUP FY03 FY02 + / (-) Restated S$'000 S$'000 % Turnover 4,641,660 4,184,573 10 .9 Cost of sales (4,144,718) (3,756,884) 10.3 Gross profit 496,942 427,689 16.2 General & administrative expenses (298,347) (373,292) (20 .1) Profit from operations 198,595 54 ,397 265.1 Non-operating income (net) 205,811 266,552 (22 .8) Interest expense (79 ,233) (93 ,521) (15 .3) Profit before taxation, associates 325,173 227,428 43 .0 and joint ventures Share of Results of: - Associates (See note 1a(iii)) 104,173 26,176 298.0 - Joint ventures 41,288 37,274 10.8 Profit before taxation 470,634 290,878 61 .8 Taxation (See note 1a (iv)) (88 ,207) (54 ,368) 62.2 Profit After taxation 382,427 236,510 61 .7 Minority Interest (97 ,292) (64 ,956) 49.8 Net profit attributable to shareholders 285,135 171,554 66 .2 Comprising : Net Profit before exceptional items 183,685 161,484 13.7 Exceptional items (See note 1(a)(v)) 101,450 10,070 907.4 Net profit attributable to shareholders 285,135 171,554 66 .2 Group earnings per ordinary share ( in cents) Before exceptional items -basic 10.09 8.96 12.6 -diluted 10.08 8.95 12.6 After exceptional items -basic 15.66 9.52 64.5 -diluted 15.64 9.50 64.6 N.M.
    [Show full text]
  • Board of Directors
    Board of Directors MR RICHARD HALE, OBE MR RON FOO SIANG GUAN MR GOH GEOK LING Deputy Chairman, Non-Executive/ MR WONG WENG SUN MR TANG KIN FEI Non-Executive/ MR TAN PHENG HOCK Chairman, Non-Executive/ Non-Independent Director President & Chief Executive Officer Non-Executive/ Independent Director Non-Executive/ Non-Independent Director Executive/Non-Independent Non-Independent Director Independent Director Director MR AJAIB HARIDASS MR JOSEPH KWOK SIN KIN MR TAN KWI KIN Non-Executive/ MR LIM AH DOO MRS LIM JOKE MUI Non-Executive/ Senior Advisor, Non-Executive/ Independent Director Non-Executive/ Non-Executive/ Independent Director Non-Independent Director Independent Director Non-Independent Director 16 Sembcorp Marine Ltd Annual Report 2009 17 Board of Directors MR GOH GEOK LING MR WONG WENG SUN Shipyard merged with Jurong Shipyard in 1997, Mr Courts, Referee at Small Claims Tribunal and Chairman President & Chief Executive Officer Tan was appointed President of the Jurong Shipyard Mediator at Criminal Relational Disputes, Subordinate Non-Executive/Non-Independent Director Executive/Non-Independent Director group of companies. Courts, a Commissioner for Oaths, Notary Public and a Justice of Peace. Appointed 14 February 2006 Appointed 1 May 2009 Mr Tan is also a director of Jurong Shipyard, Sembawang Shipyard, PPL Shipyard, SMOE, Karimun Graduating from the University of London in 1974 Mr Goh is a non-independent director who heads the Mr Wong is the President and Chief Executive Shiprepair & Engineering, JPL Corporation, JPL with a Bachelor of Law (Honours) degree, Mr Haridass Board’s Executive Committee, Executive Resource & Officer of Sembcorp Marine and the Managing Industries, JPL Concrete Products, Sembcorp Marine was called to the English Bar at the Middle Temple in Compensation Committee and serves as a member Director of Jurong Shipyard.
    [Show full text]
  • ST Engineering Terminates Discussion with Cubic Corporation
    ST Engineering Terminates Discussion with Cubic Corporation Singapore, 31 March 2021 – Further to the announcement made on 30 March 2021, Singapore Technologies Engineering Ltd (“ST Engineering”) today updated that following the decision made by the Board of Directors of Cubic Corporation (“Cubic”) (NYSE-CUB) to accept a revised proposal i from Veritas Capital and Evergreen Coast Capital Corporation, ST Engineering has terminated acquisition discussions with Cubic. ST Engineering noted that Cubic determined to accept an offer of US$75 per share in cash that is lower in value than ST Engineering’s US$78 per share in cash offer, which we continue to believe is compelling. "We appreciate the engagement of the Cubic Board and management team throughout this process. ST Engineering is well positioned for further value creation and will continue to execute on the many other opportunities we have to be a key Smart City solutions provider on the global stage. This offer demonstrated our steadfast focus in seeking opportunities for sustainable global growth, and we will continue to maintain a disciplined approach as we pursue our strategic objectives,” said Vincent Chong, Group President & CEO of ST Engineering. ***** ST Engineering is a global technology, defence and engineering group with offices across Asia, Europe, the Middle East and the U.S., serving customers in more than 100 countries. The Group uses technology and innovation to solve real-world problems and improve lives through its diverse portfolio of businesses across the aerospace, smart city, defence and public security segments. Headquartered in Singapore, ST Engineering reported revenue of $7.2b (about US$5.4b) in FY2020 and ranks among the largest companies listed on the Singapore Exchange.
    [Show full text]
  • Model Portfolio
    Singapore Traders Spectrum Model Portfolio Refer to important disclosures at the end of this report DBS Group Research . Equity 19 May 2017 Portfolio changes 1. Add Thai Beverage to Blue Chip category Overview The benchmark Straits Times Index edged up a tat 0.2% to 3232 since our previous update on 19 May. Signs of moderating growth and a resumption of downward earnings revision in the conclusion of the 1Q17 results season put a lid on the STI. While a year-end objective of 3350 remains possible, we maintain our view for STI 3274 as a near-term cap. The trend is turning sideways from 3185 to 3275. In the event the 3185 fails, weakness to 3130 is seen before the correction ends. Over the course of the past month, we had added Far East Hospitality Trust to the Dividend category and removed POSH from the Growth category. Far East Hospitality Trust gained 2.4% since inclusion on 30 May, outperforming STI’s 1.5% rise over the same period. We removed POSH on the same date in view of its weak performance as it had fallen below our threshold 5% stop-loss with little sign of a price recovery. Our current portfolio picks gained an average 7.9% (cum dividends). Top performer Croesus Retail Trust returned 23.6% since its inclusion on January 11, outperforming STI’s 7.7% gain over the same period. ST Engineering and Frasers Logistics and Industrial Trust performed well with double digit returns. Portfolio changes We add Thai Bev to the Blue Chips category.
    [Show full text]
  • Smart Campus Smarter Thinking
    SMART CAMPUS SMARTER THINKING The Hive ENGINEERING | BUSINESS | SCIENCE | HUMANITIES, ARTS AND SOCIAL SCIENCES | EDUCATION | MEDICINE The NTU Smart Campus is a living testbed of tomorrow’s NTU Singapore technologies set among one of the world’s most Preparing for the Collaborate and catalyse. beautiful university campuses. A model of sustainable Young and research-intensive, Nanyang Technological living, NTU has 57 Green Mark-certified (equivalent to 4th Industrial Revolution Partnerships with industry. University, Singapore (NTU Singapore) has 33,000 LEED-certified) building projects comprising over 230 undergraduate and postgraduate students in NTU is home to a critical mass of talent and NTU attracts a host of major companies such as Alibaba, buildings, of which 95% are certified Green Mark Platinum. engineering, business, science, humanities, arts, social infrastructure in the key areas shaping the SenseTime, HP, Volvo, Delta Electronics, and Singtel, sciences, education and medicine. 4th Industrial Revolution. collaborating in artificial intelligence, data science, Besides its main campus in the western part of Singapore, robotics, smart transportation, computing, personalised NTU also has a medical campus in Novena, Singapore’s NTU is home to world-class institutes – the National The top university in the world for citations in artificial medicine, healthcare and clean energy. healthcare district. Institute of Education, S Rajaratnam School of intelligence (Nikkei and Elsevier 2017) between 2012 to International Studies, Earth Observatory of Singapore, 2016, NTU also has three professors Bo An, Erik Cambria Its seven national Corporate Laboratories are: and Sinno Jialin Pan named among AI’s 10 to Watch list Singapore Centre for Environmental Life Sciences » HP-NTU Digital Manufacturing Corporate Lab Engineering, and Wealth Management Institute – NTU Smart Campus by IEEE Intelligent Systems in 2018.
    [Show full text]
  • ST Engineering Posts Higher Year-On-Year Revenue and Profits for 1Q2019
    ST Engineering Posts Higher Year-on-Year Revenue and Profits for 1Q2019 FINANCIAL HIGHLIGHTS For the first quarter ended 31 March 2019 2019 2018 Change 1Q 1Q % Revenue ($m) 1,731 1,647 5 Earnings before interest and tax (EBIT) 141.9 122.1 16 ($m) Other income, net ($m) 10.2 8.6 18 Finance costs, net ($m) (0.9) (2.2) 58 Profit before tax (PBT) ($m) 159.9 144.0 11 Profit attributable to shareholders 131.1 117.7 11 (Net Profit) ($m) Earnings per share (cents) 4.20 3.78 11 Order book of $14.1b at end March 2019, of which about $4.2b is expected to be delivered in the remaining months of 2019 Commercial sales and defence sales constituted 70% or $1.2b and 30% or $0.5b respectively Cash and cash equivalents of $0.6b N.B.: All currencies are in Singapore dollars Page 1 Singapore Technologies Engineering Ltd ST Engineering Hub, 1 Ang Mo Kio Electronics Park Road #07‐01, Singapore 567710 T: (65) 6722 1818 F: (65) 6720 2293 (Regn. No.: 199706274H) Singapore, 15 May 2019 - Singapore Technologies Engineering Ltd (ST Engineering) today reported that it achieved higher year-on-year (y-o-y) revenue and profits for its first quarter ended 31 March 2019 (1Q2019). Compared to a year ago, Group revenue increased 5% to $1.73b from $1.65b, and Profit before tax (PBT) of $159.9m was 11% higher from $144.0m and Profit attributable to shareholders (Net Profit) was $131.1m, up 11% from $117.7m.
    [Show full text]
  • Engineering with Passion
    A MINDSET FOR INNOVATION, THE DRIVE TO EXCEL, AND THE HEART TO MAKE A DIFFERENCE ENGINEERING WITH PASSION ANNUAL REPORT 2016 contents 04 24 61 Financial Highlights Operating Review & Outlook Sustainability Report 06 / 43 78 Letter to Shareholders Corporate Information Corporate Governance 12 / 44 / 104 Interview with CEO Financial Review Financial Report 16 / 57 273 Board of Directors Investor Relations Shareholding Statistics 22 / 59 IBC Senior Management Awards Contact Information ENGINEERING WITH PASSION .01 In 2017, ST Engineering celebrates our 50th anniversary. Since ST Engineering began 50 years ago, we have been passionate about wanting to make a difference, to have an impact. We have been doing this by harnessing our hard-won experience, our leading edge expertise and the latest technology to develop creative solutions that assist our customers and leave a better world for our children to inherit. We believe that this passion, coupled with a drive to excel and a deep and abiding desire to make a difference, will create a better future for our customers, our stakeholders and our employees. ST ENGINEERING .02 ANNUAL REPORT 2016 HIGHLIGHTS OF THE YEAR BUILDING NEW A MINDSET FOR CAPABILITIES Littoral Mission Vessels by ST Marine are designed to be smarter, innovation faster and sharper. that SHAPES OUR PLANET COOL INVENTION THE DRIVE ST Engineering’s subsidiary, Innosparks launched Airbitat, the TO EXCEL world’s first evaporative cooler designed for high humidity tropical climates. towarDS A Better toMorrow CONTINUOUS INNOVATION ST Kinetics launched Terrex 3, the latest iteration of its 8X8 infantry fighting vehicles. ENGINEERING WITH PASSION .03 THE NEXT FRONTIER ST Electronics’ TeLEOS-1, the first made-in- Singapore commercial Earth Observation Satellite, commenced commercial imagery service.
    [Show full text]
  • ST Engineering Ltd Target Price: SGD4.07 Price: SGD3.59 There Is Growth Beyond 2017 Market Cap: USD8,250M Bloomberg Ticker: STE SP
    Initiating Coverage Singapore 6 September 2017 Industrial | Aerospace & Defence Buy ST Engineering Ltd Target Price: SGD4.07 Price: SGD3.59 There Is Growth Beyond 2017 Market Cap: USD8,250m Bloomberg Ticker: STE SP We initiate coverage on ST Engineering with a BUY and SGD4.07 TP (13% Share Data upside). Its exposure to the commercial and defence industries across Avg Daily Turnover (SGD/USD) 10.2m/7.46m four segments creates a defensive business model that is tough to beat. It 52-wk Price low/high (SGD) 3.05 - 3.85 is world’s largest MRO service provider for aircraft and Asia’s leading provider of ICT solutions. Aircraft fleet size growth, rising demand for P2F Free Float (%) 49 conversions and more spending on Smart Nation initiatives should lead to Shares outstanding (m) 3,122 strong 2018 growth. While a 4% yield could support the stock, strong Estimated Return 13% order wins and accretive M&As may act as near-term catalysts. Shareholders (%) Expectations of higher YoY order inflows. ST Engineering’s outstanding Temasek Holdings 50.8 highest-ever orderbook of SGD13.5bn provides revenue visibility for 2017 and Aberdeen 5.0 2018. This is as the book-to-bill ratio stands at c.2x. We believe the group could Capital Group 3.2 achieve SGD5.5bn in new orders in 2017 (2016: SGD5bn), as it has already announced SGD2.7bn worth of order wins in 1H17. Share Performance (%) Aerospace to ride on long-term aircraft fleet growth. We believe the long- YTD 1m 3m 6m 12m term growth prospects for ST Engineering’s world-leading MRO business Absolute 11.1 (5.8) (3.8) (1.9) 7.5 remain strong.
    [Show full text]