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ST Engineering

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The company was founded in Jan-1967 shortly after Singapore independence as Chartered Industries of Singapore; an ammunition manufacturer. 

Incorporated in 1997, today, ST Engineering is a global technology, defence and engineering group.

Business segments are:

  • Aerospace

  • Electronics

  • Land Systems

  • Marine

  • Environmental solutions

Served markets includes:​ Americas, Europe, Asia and Oceania. 


Order-book started to pick-up pace from 4Q17, driven mainly from contract wins in Electronics and Aerospace. 

Aerospace engine up-cycle in 2018 and the acquisition of MRA Systems, LLC from General Electric Company further boost order-book for maintenance, repair and overhaul.


Despite the order-book increase, sales remained largely flat in 2018. However the company should record a double digits growth for FY19e; driven largely by the Aerospace sector.

Electronics after years of revenue growth is flattening. Land Systems and Marine both continue to soften. 


Balance Sheet

Post MRA Systems and Newtec acquisition, STE debt have increased substantially to $2.4B including a short-term debt of $1.9B. 

Moving forward, managing these debt will be crucial for maintaining a healthy company. 


STE can be liken to a company that wear two hats. One, as a defence company crucial for the city state well being. Two as a public company accounting to shareholders for its growth in value and assets in decades to come. 

On the first, there is an element of shielding e.g. in Electronics and Land Systems where the government is a major client. On the second, the company is subjected like most businesses to the wind of change like trade war especially in the Aerospace and Marine sector. 

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