Singapore Technologies Engineering Ltd (better known as ST Engineering) heads into the year-end break with its share price back in the spotlight—caught between holiday-thin trading, a steady stream of defence-and-digital headlines, and a shareholder-return story that has gotten more interesting in late 2025.
On Dec. 24, 2025 (Christmas Eve)—a shortened session ahead of the holiday—ST Engineering (SGX: S63) finished at S$8.35, down 1.3%, making it the biggest decliner on the Straits Times Index that day. [1]
With markets closed for Christmas Day, investors evaluating Singapore Technologies Engineering Ltd stock on Dec. 25, 2025 are mostly doing it with the “last print” and the latest corporate news flow in mind—especially the company’s order book momentum, dividend plans, and how it’s managing weaker spots such as satellite communications.
ST Engineering share price today: where the stock stands on Dec. 25, 2025
As of Dec. 25, ST Engineering (STEG) is quoted around S$8.35 with a 52-week range of S$4.53 to S$9.07, reflecting a year where the market has swung between “defence darling” enthusiasm and periodic reality checks on valuation and execution. [2]
For readers coming to this name fresh (hello, Google Discover), ST Engineering is a diversified Singapore-listed engineering group with major exposure to:
- Commercial Aerospace (including MRO—maintenance, repair and overhaul),
- Defence & Public Security, and
- Urban Solutions & Satcom (smart mobility, tolling, infrastructure, and satellite communications). [3]
It trades on SGX as S63 (Reuters: STEG.SI, Bloomberg: STE:SP) with 3,112,704,401 outstanding shares and a stated free float of 47.9%. [4]
The big fundamental anchor: revenue growth and a record order book
The most recent major business update (released Nov. 12, 2025) laid out a narrative that’s been doing a lot of heavy lifting for the bull case:
- 9M2025 revenue:S$9.1b, up 9% year-on-year, with growth across all three segments.
- 3Q2025 revenue:S$3.1b, up 13% year-on-year.
- 9M2025 new contract wins:S$14.0b (including S$4.9b in 3Q).
- Order book: a new high of S$32.6b as of end-September 2025, with about S$2.8b expected for delivery in the rest of 2025. [5]
For investors, that order book number is the “gravity well”: it’s the clearest indicator that demand isn’t confined to one hot theme, but spread across aerospace capacity needs, defence modernisation, and smart-city infrastructure.
December 2025 news roundup: what ST Engineering has been announcing lately
ST Engineering has been unusually “headline-active” this month across defence partnerships, satellite tech, and smart mobility/tolling. Here are the key developments that matter most to the stock narrative going into 2026.
Dec. 17, 2025: TransCore expands Bay Area express lanes footprint (Urban Solutions)
ST Engineering’s subsidiary TransCore announced the go-live of express lane operations along an 18-mile stretch of I‑80 in Solano County (California), describing it as the fourth BAIFA corridor delivered since 2017. The project emphasizes dynamic pricing and lane management—exactly the kind of recurring, systems-heavy work the market tends to like in “smart infrastructure.” [6]
Dec. 16, 2025: iDirect + Capgemini collaboration on 5G NTN (Satcom/Digital)
ST Engineering iDirect (satellite communications) said it is collaborating with Capgemini to develop a 5G Non‑Terrestrial Network (NTN) satellite base station—positioned as a standards-based bridge between satellite and terrestrial 5G networks.
Notably, ST Engineering described:
- a satellite-optimized radio access technology built into its cloud-native Intuition ground system,
- use of Capgemini’s gNodeB software stack, and
- the goal of native 3GPP access over satellite for interoperability with terrestrial 5G. [7]
For equity investors, the strategic subtext is important: iDirect has faced pressure and an impairment (more below), so product-and-standards credibility matters if the group wants to stabilise this business or improve optionality.
Dec. 10, 2025: ST Engineering and Safran expand into defence cooperation (Defence & Public Security)
ST Engineering and Safran Electronics & Defence signed an MoU to expand cooperation into defence, targeting joint business development, technology integration, and lifecycle support/sustainment.
The release highlights integration of Safran’s optronics, avionics and PNT (positioning, navigation and timing) electronics with ST Engineering’s integrated defence solutions, across land/air/sea/space domains in Asia-Pacific and beyond. [8]
This reads less like a single contract catalyst and more like a “pipeline multiplier”—the kind of partnership that can feed multiple bids over time, especially as defence procurement becomes more networked and electronics-centric.
Dec. 10, 2025: European Protected Waveform milestone (Satcom + Defence)
In Europe, ST Engineering iDirect Europe announced successful over-the-air testing by the European Protected Waveform (EPW) consortium, aimed at secure military satcom resilience (including against jamming and cyber threats) across GEO and LEO configurations. The test took place Nov. 26–27, 2025 in Germany, and the program is co-funded by the European Defence Fund with 19 partners from 13 nations. [9]
For the stock, it’s another signal that ST Engineering’s satcom capabilities aren’t purely commercial—they can sit inside defence-grade programs, which typically have longer lifecycles and higher switching costs.
Dec. 2, 2025: TransCore wins first Australia tolling deployment (Urban Solutions)
TransCore said it won a contract with Transport for New South Wales to deliver tolling for Sydney’s Western Harbour Tunnel, described as Australia’s first tagless, video-only tolling deployment using TransCore’s Infinity Digital Lane System and video analytics. The company expects installation completion in 2027 and tolling operations beginning 2028. [10]
Long-dated timelines are normal in infrastructure, but a “first deployment in a new country” can matter if it opens a new reference market.
Contracts and order momentum: the 3Q contract-win details investors keep coming back to
While December delivered partnerships and product headlines, the contracts story that still frames sentiment is 3Q2025 contract wins of S$4.9b announced on Oct. 23, 2025.
ST Engineering broke those wins down as:
- S$1.4b Commercial Aerospace,
- S$2.4b Defence & Public Security, and
- S$1.1b Urban Solutions & Satcom. [11]
The details show why the market sees this as a diversified compounder rather than a single-theme bet:
- Aerospace: multi-year Airbus A380 heavy maintenance and cabin modification deal with a European airline; continued engine/component MRO orders; and an A330 passenger-to-freighter conversion order. [12]
- Defence: earth observation satellite systems design/production, cybersecurity and secure data transfer products (including data diodes), next-gen broadband comms, and 155mm ammunition orders (including first such orders from South America), plus military aircraft MRO. [13]
- Urban/Satcom: rail electronics for the Thomson–East Coast Line Extension, long-term rail subsystem support for the Jurong Region Line, intelligent transport systems in Singapore, US tolling wins (systems/services/RFID tags), plus healthcare ICT solutions for hospitals in Hong Kong and security management solutions in Singapore. [14]
That breadth is a core part of the equity argument: when one segment hits turbulence, the others often keep the overall aircraft aloft.
Dividends: why income investors are paying attention heading into 2026
ST Engineering’s latest update didn’t just talk business—it talked shareholder returns.
The 3Q interim dividend (already declared)
ST Engineering declared a 3Q2025 interim dividend of 4.0 cents per share, with:
- Ex-date: 21 Nov 2025
- Record date: 24 Nov 2025
- Payment date: 5 Dec 2025
- Payment type: tax exempted (1-tier) [15]
The “bigger” dividend headline: proposed final + proposed special dividend
The company said it plans to propose:
- a final dividend of 6.0 cents per share (FY2025), and
- a special dividend of 5.0 cents per share, linked to value realisation from divestments—both subject to shareholder approval at the 2026 AGM. [16]
If approved, ST Engineering stated that the total dividend for FY2025 would be 23.0 cents per share. [17]
What’s funding the “special” component?
ST Engineering highlighted year-to-date divestments (including LeeBoy, and shareholding interests in CityCab and SPTel) generating S$594m in total cash proceeds and S$258m of divestment gains (after tax). [18]
Separately, it also announced a divestment in its China airframe MRO joint venture:
- Sale of its 49% stake in STARCO to China Eastern Airlines for RMB680.5m (about S$124.6m), paid in two tranches (with the second tranche due no later than Dec. 31, 2026). [19]
- ST Engineering expects to use proceeds to pay down debt, estimating ~S$4.2m annualised interest expense savings, and it projected a one-off gain of ~S$48.1m based on carrying value. [20]
Dividend investors tend to love two things: visibility and a credible link between asset sales and cash returns. ST Engineering is explicitly trying to provide both.
Analyst forecasts and price targets: what the Street expects for ST Engineering stock
Consensus views around Singapore Technologies Engineering Ltd stock remain constructive—but not euphoric—at current levels.
Across a 15-analyst sample, MarketScreener shows:
- Mean consensus rating:Outperform
- Average target price:S$8.772
- High target:S$10.50
- Low target:S$6.70
- Last close price referenced:S$8.35 [21]
Investing.com reflects a similar set of numbers, describing an overall “Buy” consensus and the same S$8.772 average target and S$10.5/S$6.7 high/low range. [22]
Local market aggregation also puts consensus in the same neighbourhood: Growbeansprout lists a S$8.70 consensus target “as of 25 Dec 2025” (about 4% upside from S$8.35). [23]
A look back at earlier-2025 analyst tone
In August, after ST Engineering reported a 19.7% rise in 1H2025 net profit to S$402.8m, The Business Times reported multiple analysts raising price targets—citing defence demand, a record-high order book and cost-cutting—while also noting the stock had pulled back from an all-time high close the prior day. [24]
The pattern is familiar: strong fundamentals attract upgrades; price strength then forces the debate into valuation discipline.
The biggest “watch item” risk: iDirect headwinds, impairment, and strategic options
No serious 2025 wrap-up of ST Engineering is complete without talking about iDirect.
Industry reporting in November said ST Engineering assessed a US$667 million impairment for iDirect after determining a lower value-in-use, citing a tougher operating environment influenced by Starlink gaining market share and broader consolidation dynamics. The same report said the iDirect group’s revenue fell 9% year-on-year in the first nine months of 2025 and EBITDA dropped 22%, and that ST Engineering disclosed it was in active discussions on strategic options for the business. [25]
Analyst commentary has echoed that framing. A POEMS research note referenced the S$667m impairment, pointed to competitive pressure (including Starlink’s expansion), and said there were active discussions around strategic options; it kept a Neutral call and S$8.20 target price, arguing valuation already prices in strong near-term growth while disposal of a loss-making iDirect could remove a drag. [26]
In plain English: this is the segment that can surprise—either positively (if a strategic resolution emerges) or negatively (if losses persist longer than expected).
What bulls and bears are really debating on Dec. 25, 2025
A stock doesn’t get interesting because everyone agrees—it gets interesting because the future is a foggy monster and people are arguing about what kind of monster it is.
The bull case
- Record order book and revenue growth give visibility through 2026, especially in defence and aerospace MRO. [27]
- A steady cadence of contract wins across segments suggests demand is broad-based, not fragile. [28]
- Dividend catalysts (including a proposed special dividend) provide a shareholder-friendly layer that can support the stock if growth cools. [29]
- Recent announcements (Safran MoU, European defence satcom milestone) reinforce the idea that ST Engineering is positioning for long-cycle defence modernisation. [30]
The bear case
- The satcom space is evolving fast; iDirect’s impairment and ongoing strategic review highlight execution and competitive risk. [31]
- Even with solid fundamentals, valuation becomes the gatekeeper when a stock trades near the upper end of its historical range (the 52-week high is S$9.07). [32]
- A diversified group can also be harder to “read” quarter to quarter—good for resilience, sometimes frustrating for momentum investors.
Key dates and catalysts to watch next
A few calendar items matter for anyone tracking ST Engineering stock into early 2026:
- Next earnings date: Investing.com lists the next earnings report for Feb. 26, 2026. [33]
- 2026 AGM: the proposed final dividend (6.0 cents) and special dividend (5.0 cents) are subject to shareholder approval. [34]
- Portfolio actions: the STARCO divestment is expected to close in the coming months, with a second payment tranche due by Dec. 31, 2026. [35]
- iDirect strategic outcome: not dated, but potentially material—because it goes directly to the question of whether satcom becomes a stabilised growth contributor or remains a profit drag. [36]
Bottom line on Dec. 25, 2025
Singapore Technologies Engineering Ltd stock ends 2025 in a classic “quality compounder” setup: solid revenue growth, a record order book, and consistent contract momentum—plus a dividend narrative strengthened by divestment-linked capital returns. [37]
At the same time, it’s not a boring utility stock in disguise. The market is still digesting the iDirect impairment and what a strategic resolution might look like, and consensus price targets suggest upside exists—but not an unlimited runway from today’s level. [38]
References
1. www.businesstimes.com.sg, 2. www.investing.com, 3. www.stengg.com, 4. www.stengg.com, 5. www.stengg.com, 6. www.stengg.com, 7. www.stengg.com, 8. www.stengg.com, 9. www.stengg.com, 10. www.stengg.com, 11. www.stengg.com, 12. www.stengg.com, 13. www.stengg.com, 14. www.stengg.com, 15. links.sgx.com, 16. www.stengg.com, 17. www.stengg.com, 18. www.stengg.com, 19. www.stengg.com, 20. www.stengg.com, 21. www.marketscreener.com, 22. www.investing.com, 23. growbeansprout.com, 24. www.businesstimes.com.sg, 25. www.satellitetoday.com, 26. www.poems.com.sg, 27. www.stengg.com, 28. www.stengg.com, 29. www.stengg.com, 30. www.stengg.com, 31. www.satellitetoday.com, 32. www.investing.com, 33. www.investing.com, 34. www.stengg.com, 35. www.stengg.com, 36. www.satellitetoday.com, 37. www.stengg.com, 38. www.marketscreener.com
