ST Engineering's electronic arm clinched $581m deals in 1Q14

It slightly outpaced aerospace orders.

According to OCBC Investment Research, ST Engineering (STE) announced that its electronic arm – ST Electronics – has secured about S$581m of contracts in 1Q14; this for intelligent transportation, satellite and broadband communications, and advanced electronics and Information Communications Technologies (ICT) solutions.

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While these contracts are not expected to have any material impact on its NTA or EPS for FY14, we believe it is an encouraging start to 2014. STE last reported an order book of S$13.2b (as of end 2013) and it had earlier announced the winning of S$460m worth of aerospace orders in 1Q14. We hold off adjusting our estimates ahead of its 1Q14 results announcement.