ST Engineering pops the champagne on $12.1b order book

$4.3b of which will be delivered this year.

According to OCBC, for FY12, revenue rose 6% YoY to S$6.4b, profit before tax climbed 10% YoY to S$723m and profit attributable to shareholders rose 9% to S$576m.

Allowance for doubtful debts and bad debt written off totalled S$22.3m, chiefly due to Land Systems in China. Some of the assets involved have been repossessed.

Here's more from OCBC:

STE is currently taking legal action and some write-backs may be seen later this year. Commercial sales accounted for 63% of revenue. Order book stood at S$12.1b as of end-2012 (3Q12: S$12.5b), of which S$4.3b is expected to be delivered in 2013.

The 4Q12 figure excluded the recent newbuild contract for eight vessels for the Singapore Navy, which we estimate could be worth ~S$1.6b.

All sectors recorded higher PBT for FY12 versus FY11. Aerospace, Electronics, Land Systems and Marine saw PBT increase by 9%, 11%, 6% and 5% YoY respectively.

Aerospace registered a PBT margin of 13.6% for 4Q12, versus 16.8% for 3Q12 due to seasonal weakness (winter in the US) and Guangzhou start-up costs. However, FY12 PBT margin of 15.0% improved over FY11's 14.4%.

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