<p>[新加坡] ST Engineering 的股票本周因伊朗冲突和公司获得的国防合同而双双受益。</p>
<p>一些分析师已提高了该股票的目标价，周二（3 月 3 日）在美以伊冲突持续第四天时，股价一度上涨 9.1%。</p>
<p>该股在盘中最高攀升至 11.18 新元，随后回落部分涨幅，收于 10.99 新元，当日上涨 7.2%。这标志着 ST Engineering 连续第二天上涨，周一上涨了 2.8%。</p>
<p>分析师表示，国防行业在冲突中可能会看到收益，受全球国防预算上升前景的提振。</p>
<p>PhillipCapital 的分析师周一表示：“ST Engineering 计划在今年将国际销售翻倍，中东将是其主要市场。”</p>
<h2>国防合同获胜</h2>
<p>Maybank 分析师 Krishna Guha 指出，该公司在 2025 年国际国防订单获胜翻倍至 6 亿新元，并计划在 2026 年达到 12 亿新元。这一激进扩张是在核心净利润增长 21% 至 8.51 亿新元的年份之后。</p>
<p>RHB 分析师 Shekhar Jaiswal 在周二的报告中表示，国防和公共安全 “应继续成为公司结构性增长的支柱”，这得益于海湾地区持续的冲突。</p>
<p>他补充说，欧洲提高军事准备的推动是 ST Engineering 的另一个积极因素，此外，亚洲部分地区对弹药补充、国防电子和关键基础设施网络保护的需求也在增加。</p>
<p>DBS 分析师 Jason Sum 在周一表示，欧洲和中东的采购预算上升，尤其是设备方面，“正在扩展 ST Engineering 的出口前景”。他指出，早期在研发、合作伙伴关系和市场营销方面的投资现在 “即将带来回报”。</p>
<p>DBS 将该股票的目标价从 10.20 新元上调至 11 新元。</p>
<p>RHB 的 Jaiswal 强调了 2 月 27 日宣布的 3.15 亿欧元（4.7 亿新元）合同的 “早期势头”，该合同用于卡塔尔陆地平台的维护、修理和大修，成为公司国防业务的助推器。</p>
<p>ST Engineering 将该合同的获胜描述为进入卡塔尔国防市场的 “突破”。</p>
<p>Jaiswal 还指出，创纪录的订单簿 “支撑着 2026 年及以后更强的订单转化”，以及商业航空领域的产能驱动增长。</p>
<p>他重申对该股票的 “买入” 评级，并将目标价从 10.70 新元上调至 11.70 新元。</p>
<p>DBS 的 Sum 补充说，ST Engineering 创纪录的 332 亿新元订单积压 “支撑着盈利的可见性”，预计中期内将实现两位数的年复合收益增长率。即将剥离其亏损的卫星通信业务 iDirect Group 也被视为一个积极因素。</p>
<p>尽管剥离被视为长期积极因素，但其短期成本较高。由于与 iDirect 相关的 6.67 亿新元减值，公司的 2025 年净利润下降 34% 至 4.63 亿新元，导致 388 百万新元的一次性净减值。</p>
<p>尽管如此，Sum 预测加速的 “智慧城市需求” 可能进一步提升公司的收益，因为各国政府优先考虑流动性、可持续性和公共安全倡议。</p>
<p>然而，并非所有分析师都在追逐当前的价格飙升。虽然晨星的 Lorraine Tan 在强劲的利润率前景下将其公允价值估计上调了 26% 至 10.80 新元，但 Maybank 的 Guha 则维持 “持有” 评级，警告该股票的估值正在变得 “高企”。</p>
<p>根据 11.10 新元的价格，ST Engineering 目前的市盈率超过 40 倍，显著高于其历史平均的 19 倍。</p>

新科工程

<p>新科工程的股价在伊朗冲突和国防合同获胜的背景下上涨了 7.2%，促使分析师上调目标价。该股最高达到 11.18 新元，最终收于 10.99 新元。分析师预测国防行业将实现增长，新科工程计划到 2026 年获得 12 亿新元的国际国防订单。尽管预计 2025 年的净利润将因资产减值而下降 34%，但 322 亿新元的强大订单积压支持了盈利的可见性。一些分析师对该股的高估值保持谨慎，当前市盈率超过 40 倍</p>

<p>[SINGAPORE] Shares of ST Engineering enjoyed a double boost this week from the Iran conflict and the company’s defence contract wins.</p>
<div class="lb-trans"><p>[新加坡] ST Engineering 的股票本周因伊朗冲突和公司获得的国防合同而双双受益。</p>
</div><p>A few analysts have raised their target price for the stock, which jumped as much as 9.1 per cent on Tuesday (Mar 3) as the US-Israel-Iran conflict continued for a fourth day.</p>
<div class="lb-trans"><p>一些分析师已提高了该股票的目标价，周二（3 月 3 日）在美以伊冲突持续第四天时，股价一度上涨 9.1%。</p>
</div><p>The counter climbed to an intraday high of S$11.18, before paring some gains to close at S$10.99, up 7.2 per cent on the day. This marked a second straight day of gains for ST Engineering, after a 2.8 per cent rise on Monday.</p>
<div class="lb-trans"><p>该股在盘中最高攀升至 11.18 新元，随后回落部分涨幅，收于 10.99 新元，当日上涨 7.2%。这标志着 ST Engineering 连续第二天上涨，周一上涨了 2.8%。</p>
</div><p>Analysts said the defence sector is likely to see gains amid the conflict, buoyed by the prospect of rising global defence budgets.</p>
<div class="lb-trans"><p>分析师表示，国防行业在冲突中可能会看到收益，受全球国防预算上升前景的提振。</p>
</div><p>“ST Engineering is looking to double its international sales this year, with the Middle East as its major market,” said PhillipCapital analysts on Monday.</p>
<div class="lb-trans"><p>PhillipCapital 的分析师周一表示：“ST Engineering 计划在今年将国际销售翻倍，中东将是其主要市场。”</p>
</div><h2>Defence contract wins</h2>
<div class="lb-trans"><h2>国防合同获胜</h2>
</div><p>Maybank analyst Krishna Guha noted that the company doubled international defence order wins to S$600 million in 2025, and is targeting S$1.2 billion for 2026. This aggressive expansion follows a year where core net profit rose 21 per cent to S$851 million.</p>
<div class="lb-trans"><p>Maybank 分析师 Krishna Guha 指出，该公司在 2025 年国际国防订单获胜翻倍至 6 亿新元，并计划在 2026 年达到 12 亿新元。这一激进扩张是在核心净利润增长 21% 至 8.51 亿新元的年份之后。</p>
</div><p>RHB analyst Shekhar Jaiswal, in a note on Tuesday, concurred that defence and public security “should remain a structural growth pillar” for the company, underpinned by the ongoing conflict in the Gulf.</p>
<div class="lb-trans"><p>RHB 分析师 Shekhar Jaiswal 在周二的报告中表示，国防和公共安全 “应继续成为公司结构性增长的支柱”，这得益于海湾地区持续的冲突。</p>
</div><p>He added that the push to increase military readiness in Europe was another positive factor for ST Engineering, as was the push for munitions refill, defence electronics and critical infrastructure cyberprotection in parts of Asia.</p>
<div class="lb-trans"><p>他补充说，欧洲提高军事准备的推动是 ST Engineering 的另一个积极因素，此外，亚洲部分地区对弹药补充、国防电子和关键基础设施网络保护的需求也在增加。</p>
</div><p>DBS analyst Jason Sum on Monday said rising procurement budgets in Europe and the Middle East, especially for equipment, “are expanding ST Engineering’s export runway”. He noted that earlier investments in research and development, partnerships and marketing are now “set to deliver returns”.</p>
<div class="lb-trans"><p>DBS 分析师 Jason Sum 在周一表示，欧洲和中东的采购预算上升，尤其是设备方面，“正在扩展 ST Engineering 的出口前景”。他指出，早期在研发、合作伙伴关系和市场营销方面的投资现在 “即将带来回报”。</p>
</div><p>DBS raised its target price for the stock from S$10.20 to S$11.</p>
<div class="lb-trans"><p>DBS 将该股票的目标价从 10.20 新元上调至 11 新元。</p>
</div><p>RHB’s Jaiswal highlighted “early momentum” from a 315 million euro (S$470 million) contract, announced on Feb 27, for the maintenance, repair and overhaul of Qatari land platforms as a defence booster for the company.</p>
<div class="lb-trans"><p>RHB 的 Jaiswal 强调了 2 月 27 日宣布的 3.15 亿欧元（4.7 亿新元）合同的 “早期势头”，该合同用于卡塔尔陆地平台的维护、修理和大修，成为公司国防业务的助推器。</p>
</div><p>ST Engineering described that contract win as a “breakthrough” into Qatar’s defence market.</p>
<div class="lb-trans"><p>ST Engineering 将该合同的获胜描述为进入卡塔尔国防市场的 “突破”。</p>
</div><p>A record order book that “underpins stronger backlog conversion” through 2026 and beyond, and capacity-led growth in commercial aerospace were also flaggedby Jaiswalas drivers for ST Engineering.</p>
<div class="lb-trans"><p>Jaiswal 还指出，创纪录的订单簿 “支撑着 2026 年及以后更强的订单转化”，以及商业航空领域的产能驱动增长。</p>
</div><p>He reiterated a “buy” call for the stock, with a raised target price of S$11.70, from S$10.70 previously.</p>
<div class="lb-trans"><p>他重申对该股票的 “买入” 评级，并将目标价从 10.70 新元上调至 11.70 新元。</p>
</div><p>DBS’ Sum added that ST Engineering’s record order backlog of S$33.2 billion “underpins earnings visibility”, with a double-digit earnings compound annual growth rate projected over the medium term. The “imminent divestment” of its loss-making satellite communications business, iDirect Group, was also flagged as a positive.</p>
<div class="lb-trans"><p>DBS 的 Sum 补充说，ST Engineering 创纪录的 332 亿新元订单积压 “支撑着盈利的可见性”，预计中期内将实现两位数的年复合收益增长率。即将剥离其亏损的卫星通信业务 iDirect Group 也被视为一个积极因素。</p>
</div><p>While the divestment is seen as a long-term positive, it came at a high immediate cost. The company’s net profit for 2025 fell 34 per cent to S$463 million due to S$388 million in one-off net write-offs, primarily from a S$667 million impairment related to iDirect.</p>
<div class="lb-trans"><p>尽管剥离被视为长期积极因素，但其短期成本较高。由于与 iDirect 相关的 6.67 亿新元减值，公司的 2025 年净利润下降 34% 至 4.63 亿新元，导致 388 百万新元的一次性净减值。</p>
</div><p>Still, Sum forecasts accelerating “smart city demand” could boost the company’s earnings further, as governments prioritise mobility, sustainability and public safety initiatives.</p>
<div class="lb-trans"><p>尽管如此，Sum 预测加速的 “智慧城市需求” 可能进一步提升公司的收益，因为各国政府优先考虑流动性、可持续性和公共安全倡议。</p>
</div><p>However, not all analysts are chasing the current price spike. While Morningstar’s Lorraine Tan raised its fair value estimate by 26 per cent to S$10.80 following the strong margin outlook, Maybank’s Guha maintained a “hold” rating as he cautioned that the stock’s valuation is becoming “elevated”.</p>
<div class="lb-trans"><p>然而，并非所有分析师都在追逐当前的价格飙升。虽然晨星的 Lorraine Tan 在强劲的利润率前景下将其公允价值估计上调了 26% 至 10.80 新元，但 Maybank 的 Guha 则维持 “持有” 评级，警告该股票的估值正在变得 “高企”。</p>
</div><p>Based on a price of S$11.10, ST Engineering is currently trading at over 40 times earnings, significantly higher than its historical average of 19 times.</p>
<div class="lb-trans"><p>根据 11.10 新元的价格，ST Engineering 目前的市盈率超过 40 倍，显著高于其历史平均的 19 倍。</p>
</div>

分析师上调新科工程的目标价格，因为其在伊朗冲突和赢得国防合同的背景下股价上涨了 7.2%