Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

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  <li>
<a href="https://smartkarma.com/entities/singapore-tech-engineering">ST Engineering</a>'s growth is underpinned by a record-high order book, fueled by strong demand in its Commercial Aerospace and Defence &amp; Public Security segments, which are benefiting from the global recovery in air travel and increased military spending.</li>
  <li>The company is a global leader in aircraft Maintenance, Repair, and Overhaul (MRO) and is strategically expanding its capabilities in smart city solutions and defence technology, including AI-driven systems and unmanned vehicles.</li>
  <li>While operational performance is strong, valuation appears stretched. The Urban Solutions &amp; Satcom segment, particularly the satellite communications (SATCOM) business, has faced headwinds from supply chain disruptions and restructuring costs, acting as a drag on overall profitability.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
ST Engineering's growth is underpinned by a record-high order book, fueled by strong demand in its Commercial Aerospace and Defence &amp; Public Security segments, which are benefiting from the global recovery in air travel and increased military spending.
  The company is a global leader in aircraft Maintenance, Repair, and Overhaul (MRO) and is strategically expanding its capabilities in smart city solutions and defence technology, including AI-driven systems and unmanned vehicles.
  While operational performance is strong, valuation appears stretched. The Urban Solutions &amp; Satcom segment, particularly the satellite communications (SATCOM) business, has faced headwinds from supply chain disruptions and restructuring costs, acting as a drag on overall profitability.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: ST Engineering (STE SP) - Oct 2025

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>ST Engineering led STI with a 46% rally, 12M Consensus Estimate Target Price rose 36% to S$6.85.</li><li>Net creation of S$36M in units increased combined AUM of two STI tracking ETFs from S$2.3B to S$2.6B.</li><li>STI stocks booked S$1.63 billion net institutional outflow in 1Q25, mainly from STI Banks and S-REIT Sector.</li></ul>

ST Engineering led STI with a 46% rally, 12M Consensus Estimate Target Price rose 36% to S$6.85.Net creation of S$36M in units increased combined AUM of two STI tracking ETFs from S$2.3B to S$2.6B.STI stocks booked S$1.63 billion net institutional outflow in 1Q25, mainly from STI Banks and S-REIT Sector.

Hutchison Port Holdings Trust / Equity Bottom-Up

<ul><li>Hong Leong Asia achieved a 141% total return with S$53 million net institutional inflows, driven by MTU Series 2000 engines launch.</li><li>Hiap Seng Industries' ADT rose significantly after Chandra Asri Group acquired an 11.87% equity interest, boosting collaboration opportunities.</li><li>Singapore's SMID Industrials, including Hiap Seng Industries, Soilbuild Construction, and ASL Marine, saw significant turnover growth in 2H25.</li></ul>

Hong Leong Asia achieved a 141% total return with S$53 million net institutional inflows, driven by MTU Series 2000 engines launch.Hiap Seng Industries' ADT rose significantly after Chandra Asri Group acquired an 11.87% equity interest, boosting collaboration opportunities.Singapore's SMID Industrials, including Hiap Seng Industries, Soilbuild Construction, and ASL Marine, saw significant turnover growth in 2H25.

FTSE ST Industrials Index Holds 40% YTD Total Return in November 

Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

Goodwill Entertainment Holding / Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/goodwill-entertainment-holding-pte-ltd" target="_blank" data-smartkarma-citation="entities:44296:1" rel="noopener">Goodwill Entertainment Holding (GWEH SP)</a> is a multi-entertainment concept operator, comprising a network of family friendly karaoke facilities with F&amp;B concepts, performance halls and dance clubs. </li>
<li>It operates under the brand names HaveFun Family Karaoke, FATEbyhavefun and HaveFun Live Show.</li>
<li>We initiate rated coverage on GEH with a TP of S$0.23, pegged to 5.9x FY24E EV/EBITDA, representing an upside of approximately 32.2%. </li>
</ul>



Goodwill Entertainment Holding (GWEH SP) is a multi-entertainment concept operator, comprising a network of family friendly karaoke facilities with F&amp;B concepts, performance halls and dance clubs. 
It operates under the brand names HaveFun Family Karaoke, FATEbyhavefun and HaveFun Live Show.
We initiate rated coverage on GEH with a TP of S$0.23, pegged to 5.9x FY24E EV/EBITDA, representing an upside of approximately 32.2%. 


Goodwill Entertainment Holding - Hitting the Notes of Growth

Singtel (Singapore Telecommunications) / Equity Bottom-Up

<ul><li>STI ETFs saw a 36% year-on-year AUM increase to S$3.38 billion, with S$349 million net inflows year-to-date.</li><li>STI banks' combined Non-Interest Income exceeded S$5 billion in 3Q25, with DBS, OCBC, and UOB comprising 50.4% of the Index.</li><li>ST Engineering led STI constituents with an 85% total return and a 74% target price upgrade in 2025.</li></ul>

STI ETFs saw a 36% year-on-year AUM increase to S$3.38 billion, with S$349 million net inflows year-to-date.STI banks' combined Non-Interest Income exceeded S$5 billion in 3Q25, with DBS, OCBC, and UOB comprising 50.4% of the Index.ST Engineering led STI constituents with an 85% total return and a 74% target price upgrade in 2025.

Singapore

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 $7.9b in FY2019 and it ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index, MSCI Singapore, iEdge SG ESG Transparency Index and iEdge SG ESG Leaders Index.

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ST Engineering (STE SP)

Primer: ST Engineering (STE SP) - Oct 2025

ST Engineering's growth is underpinned by a record-high order book, fueled by strong demand in its Commercial Aerospace and Defence &...

αSK

STI Books 5.3% Total Return in 1Q25

ST Engineering led STI with a 46% rally, 12M Consensus Estimate Target Price rose 36% to S$6.85. Net creation of S$36M in units increased combined...

Singapore Exchange Ltd (SGX)

FTSE ST Industrials Index Holds 40% YTD Total Return in November

Hong Leong Asia achieved a 141% total return with S$53 million net institutional inflows, driven by MTU Series 2000 engines launch. Hiap Seng...

Singapore Exchange Ltd (SGX)

Goodwill Entertainment Holding - Hitting the Notes of Growth

Goodwill Entertainment Holding (GWEH SP) is a multi-entertainment concept operator, comprising a network of family friendly karaoke facilities with...

Evolve Capital Advisory Pte Ltd

STI Makes New High at 4,575.91

STI ETFs saw a 36% year-on-year AUM increase to S$3.38 billion, with S$349 million net inflows year-to-date. STI banks' combined Non-Interest...

Singapore Exchange Ltd (SGX)

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