News

Financial Services

Danielle Isaac

, Singapore

Published:

8 years ago

Why ST Engineering's profits could soar by at least 50% in Q3

It has a low base, which saw $54m in provisions at ST Kinetics.

Singapore Technologies Engineering (ST Engineering) is releasing results on November 8 and despite a profit guidance of "comparable" in Q3, its profits could soar by at least 50%, UOB Kay Hian said.

According to a report, ST Engineering has a low base, which saw $54m in provisions at ST Kinetics. It also has a lower quarterly provision for the shipbuilding division, when in Q2, the segment had a $22m loss.

ST Marine’s wholly-owned US subsidiary, VT Halter Marine, could benefit from higher defence-related ship repair contracts.

UOB Kay Hian analyst K Ajith said, "A potential quid pro quo arrangement between the leaders of Singapore and the US might not be far-fetched following SIA’s $19b order of Boeing aircraft."

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