ST Engineering bags $3.4b contracts in H1

It also recorded the highest order backlog of $16.8b.

ST Engineering (STE) has won new contracts worth $3.4b in the first half of 2021.

It also reported its highest order backlog of $16.8b, a book-to-bill ratio of 2.3 years. STE also expected to realise around 90% of its second-half revenue estimate—$3.6b which will be coming from its outstanding orderbook.

Also recently, its consortium with Siemens Mobility has won the $180m contract for both Singapore's Mass Rapid Transit and Light Rail Transit lines' communication systems' renewal and modernisation.

With these new contracts, RHB Analyst Shekhar Jaiswal predicted that STE will continue to sustain a strong win momentum.

"Additional support from the government and an ongoing cost rationalisation exercise should ensure STE’s defensive business emerges stronger from the pandemic," Jaiswal added.

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