ST Engineering rebounds 5% after drifting over past month; Goldman initiates coverage

ST Engineering's shares rebounded 5% on Friday, Sep 18, after falling 8.6% in the past month, from S$11.15 on Aug 18 to S$10.19 on Sep 17. Goldman Sachs initiated coverage on the stock with a "buy" rating and a target price of S$13.20, aligning with 11 other analysts with a "hold" rating and one recommending "sell". ST Engineering's shares gained S$0.51 per share within two minutes of market open on Sep 18, with the price reaching S$10.70 before settling at S$10.56 by noon.

The company reported a 27.1% rise in first-half net profit to S$512.1 million in August, driven by cost savings across all three business segments. ST Engineering secured S$2.9 billion in new contracts in the second quarter of 2026, including several defense contracts and a S$750 million rail services contract for Taiwan.

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