Why ST Engineering's $1.05b order wins are still disappointing

Blame it on delivery lag.

According to DBS, order book is marginally lower at S$12.5bn, as new order wins of S$1.05bn secured in 3Q lagged behind deliveries.

The bulk of orders came from Aerospace – S$600m from 17 Boeing PTF conversion contracts and maintenance contracts from Jetstar, with the balance from Electronics division for rail electronics and satellite communications contracts.

Here's more from DBS:

The group expects to recognise revenue of S$1.5bn from the order book in 4Q13. YTD, ST Engineering has secured new order wins of about S$3.7bn.

Marine will be the brighter spot, riding on ongoing project deliveries for AHTS/OSV vessels for Swire Pacific and Hornbeck Offshore, and patrol vessels for Oman.