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.

Read more: ST Engineering, Siemens Mobility consortium snags $180m rail lines contract

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.