Singapore, Jan 28, 2026, 15:00 (SGT) — Regular session
- Shares gained roughly 0.3%, reaching S$9.47 in afternoon trading
- FY2025 contract wins reached a record S$18.7 billion, including S$4.7 billion secured in 4Q
- FY2025 results will be released on Feb 27; CGS raises target price to S$10.20
Shares of Singapore Technologies Engineering Ltd (ST Engineering) climbed 0.3% to S$9.47 as of 2:49 p.m. local time, following the announcement of a record year in contract wins. The company secured S$4.7 billion in new contracts during the October-December quarter, pushing full-year wins to S$18.7 billion, it said. The stock closed Tuesday at S$9.44. 1
Contract wins offer an initial glimpse into demand at a project-driven company. But investors want to know how fast those wins translate into revenue, margins, and cash flow — and if the pipeline is strong enough to sustain the dividend.
ST Engineering reported about S$2.5 billion in contract wins this quarter from Defence & Public Security, driven by a Ministry of Defence order for next-gen infantry fighting vehicles and fresh ammunition deals. Commercial Aerospace contributed roughly S$1.7 billion, highlighted by a five-year nacelle MRO contract for LOT Polish Airlines’ Boeing 787s. Urban Solutions & Satcom added approximately S$500 million, boosted by electric bus and rail electronics projects in Singapore. The company noted these contracts won’t significantly impact net tangible assets per share or earnings per share for the current financial year. 2
Broker CGS International bumped its target price to S$10.20 from S$9.50 this week, citing the new infantry vehicle programme as a potential driver to lift the order book — the contracted but undelivered work — to record levels. Analysts Lim Siew Khee and Meghana Kande noted, “We believe winning international platform contracts is a key catalyst,” putting the Terrex s5 contract value between S$1 billion and S$2 billion. They project core earnings around S$450 million for the second half of FY2025 but flagged weaker execution on certain defence milestone projects — where revenue is recognised as specific steps are completed — as a margin headwind. 3
ST Engineering is set to announce its full-year FY2025 results on Feb 27, ahead of the Singapore market open, a filing revealed. An analyst and media briefing will follow at 11:00 a.m. local time. On the same day, the Straits Times Index slipped roughly 0.5%. 4
Investors got new info from TransCore’s U.S. tolling segment on Tuesday. The company secured a nearly six-year, $146 million deal to operate the RiverLink tolling system, part of the Kentucky–Indiana Ohio River Bridges project. “Our focus will be on delivering reliable, customer-focused service,” said Whitt Hall, president and CEO of TransCore. 5
Contract wins remain uneven, and accounting moves at a slower pace. Margins can get squeezed when delays occur, costs rise, or customer timelines slip—often before revenue reflects the impact.
Some wins come in as small-ticket deals scattered across regions, with the company not revealing dollar amounts for each order. That means investors are left relying on the results release for a better view of backlog, cash conversion, and any guidance updates.
On February 27, the earnings report takes center stage. Investors will be watching closely for an update on the order book and any hints about whether the record contract backlog will translate into more stable earnings growth in 2026.
