# Singapore Technologies Engineering (SJX.F)

Canonical: https://gigainvestors.com/s/SJX.F

Analysis as of: 2026-10-16T07:33:38.231Z. Financial observations: FY2016–FY2025.

Listing currency: EUR. Reporting currency: SGD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 7.01 per share; close as of 2026-10-15.

Estimated value: low EUR 1.47 per share, central EUR 1.66 per share, high EUR 1.92 per share. Buy at or below the central value EUR 1.66 per share. Valuation as of 2026-10-16T07:33:38.231Z; scenarios are not confidence intervals.

Expected annual return: 4.6% at the stated quote. About 4.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; SG 10-year bond 2.3% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.20×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.08×

- FY2017: 0.09×

- FY2018: 0.09×

- FY2019: 0.09×

- FY2020: 0.08×

- FY2021: 0.08×

- FY2022: 0.07×

- FY2023: 0.08×

- FY2024: 0.09×

- FY2025: 0.03×

### moat: pass

- ROIC, median of available years: 18.0%

- ROIC, second-lowest year: 10.6%

- Typical minus recent gross margin: 2.3 pp

- Typical gross margin (annual median): 19.7%

- Recent gross margin (lower of latest and 3-year median): 17.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.1%

- ROIC including acquisitions, ten-year median: 9.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 24.1%

- FY2017: 24.6%

- FY2018: 26.1%

- FY2019: 17.4%

- FY2020: 19.5%

- FY2021: 18.6%

- FY2022: 10.6%

- FY2023: 13.9%

- FY2024: 16.8%

- FY2025: 6.8%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.78×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SGD 2.2B

- Net income, five-year total: SGD 2.9B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -1.9 pp

- Working capital / revenue, change between three-year averages: -12.0 pp

- Working capital / revenue, final three-year average: 0.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.81×

- FY2022: 0.70×

- FY2023: 0.80×

- FY2024: 0.84×

- FY2025: 0.72×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 24.6% vs 13.9%

- Per-share earnings: 0.16 to 0.19 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: SGD 16B

- Cumulative retained earnings: SGD 410M

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 2.2%

- Per-share value change: SGD 0.02

- Per-share value, starting three-year median: SGD 0.16

- Per-share value, ending three-year median: SGD 0.19

- Buybacks concentrated in cheaper years (correlation): 0.08

- Average buyback yield: 0.2%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Cumulative net income, 10 years: SGD 5.4B

- ROIC, first three-year median: 24.6%

- ROIC, last three-year median: 13.9%

Chart: Earnings per share; fiscal year observations.

- FY2017: SGD 0.16

- FY2018: SGD 0.16

- FY2019: SGD 0.18

- FY2020: SGD 0.17

- FY2021: SGD 0.18

- FY2022: SGD 0.17

- FY2023: SGD 0.19

- FY2024: SGD 0.22

- FY2025: SGD 0.15

### accounting: pass

- Sloan accruals: -7.8%

- Receivables to sales index (DSRI): 0.93×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.69×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.51×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.3%

- FY2017: -3.0%

- FY2018: -1.9%

- FY2019: -0.1%

- FY2020: -10.6%

- FY2021: -5.2%

- FY2022: -0.9%

- FY2023: -3.9%

- FY2024: -6.3%

- FY2025: -7.8%

## Holders

## Price story

Price needs cash profits to grow 19.7% a year for ten years · sales +9.5%

Story as of 2026-10-16T09:59:56.359Z; price observation 2026-10-15.

Price needs cash profits to grow 19.7% a year for ten years

### Sales · FY2024–2025

sales +9.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: SGD 6.7B 

- FY2017: SGD 6.6B 

- FY2018: SGD 6.7B 

- FY2019: SGD 7.9B 

- FY2020: SGD 7.2B 

- FY2021: SGD 7.7B 

- FY2022: SGD 9.0B 

- FY2023: SGD 10B 

- FY2024: SGD 11B 

- FY2025: SGD 12B 

### Gross margin · FY2025

gross margin 17.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 19.5% 

- FY2017: 20.0% 

- FY2018: 21.0% 

- FY2019: 20.8% 

- FY2020: 21.3% 

- FY2021: 20.0% 

- FY2022: 18.8% 

- FY2023: 19.5% 

- FY2024: 19.3% 

- FY2025: 17.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Annual sales are SGD 12.3 billion.

- Source: https://eodhd.com/api/fundamentals/SJX.STU.json#2025-12-31 (filed 2026-10-16T07:33:38.231Z); FY2025: revenue 12346426000; grossProfit 2158502000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SJX.F: Singapore Technologies Engineering Ltd operates as a technology, defence, and engineering company worldwide. The company operates through Commercial Aerospace, Defence & Public Security, and Urban Solutions & Satcom segments. It provides cabin interiors and engineering solutions; turnkey solutions for composite panels; passenger-to-freighter conversion services; nacelles and aerostructures solutions; precision manufacturing services; unmanned aircraft system solutions; maintenance, repair, and overhaul (MRO) services for airframes, engines, and components; and aviation asset management services, including aircraft and engine leasing. It also offers integrated transport operations center; smart mobility solutions, including smart metro systems, smart rail MRO solutions, commercial and electric vehicles, fleet management systems, smart traffic systems, tolling and congestion pricing solutions, and mobility services, as well as AGIL Bus Rapid Transit, a future-ready mobility system that offers both rail and bus systems; smart security, lighting, water, and sensors; digital platforms; AGIL Smart Energy Building solutions; digital health, financial technologies, and urban environment solutions. In addition, the company provides defense and security solutions for air, land, and sea; smart facilities; training and simulation systems; logistics and facilities management, advanced manufacturing, and critical infrastructure solutions; homeland security; maritime systems; cybersecurity, data science, analytics, and AI solutions; cloud and data orchestration services; advanced connectivity solutions; and business process outsourcing services. Further, it designs and delivers robust command, control, communications, computers, cybersecurity, intelligence, surveillance, and reconnaissance solutions; and Wing-in-Ground craft solutions. The company was founded in 1967 and is headquartered in Singapore.

### Why customers stay

Margins ranged from 17.5% to 19.5% during 2023–25; it earns 18% on its capital.

- Source: https://eodhd.com/api/fundamentals/SJX.STU.json#2023-12-31 (filed 2026-10-16T07:33:38.231Z); FY2023: grossProfit / revenue = 19.5%.

- Source: https://eodhd.com/api/fundamentals/SJX.STU.json#2024-12-31 (filed 2026-10-16T07:33:38.231Z); FY2024: grossProfit / revenue = 19.3%.

- Source: https://eodhd.com/api/fundamentals/SJX.STU.json#2025-12-31 (filed 2026-10-16T07:33:38.231Z); FY2025: grossProfit / revenue = 17.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.231Z); 10-year return on capital observations [[2016,0.24137348987189564],[2017,0.24601250642453315],[2018,0.2609364740071679],[2019,0.17428749961135373],[2020,0.1954466372858508],[2021,0.18620570805803716],[2022,0.10550637230370456],[2023,0.1392598528613054],[2024,0.16816303895060092],[2025,0.06784233917585845]]; median 0.18024660383469543. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 19% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.231Z); Gross margin observations: [[2021,0.19954438300945096],[2022,0.18800637911930831],[2023,0.195302237268886]]; range within 2 percentage points.

### Where the cash goes

Reinvests 14.9% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/SJX.STU.json#2016-12-31 (filed 2026-10-16T07:33:38.231Z); FY2016: growth capex 0; upkeep 327745000; owner earnings 404090000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SJX.STU.json#2017-12-31 (filed 2026-10-16T07:33:38.231Z); FY2017: growth capex 0; upkeep 345832000; owner earnings 383009000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SJX.STU.json#2018-12-31 (filed 2026-10-16T07:33:38.231Z); FY2018: growth capex 0; upkeep 451510000; owner earnings 187983000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SJX.STU.json#2019-12-31 (filed 2026-10-16T07:33:38.231Z); FY2019: growth capex 26307000; upkeep 368252000; owner earnings 493113400. Growth capex / owner earnings = 0.05334878346441204.

- Source: https://eodhd.com/api/fundamentals/SJX.STU.json#2020-12-31 (filed 2026-10-16T07:33:38.231Z); FY2020: growth capex 0; upkeep 287133000; owner earnings 507791200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SJX.STU.json#2021-12-31 (filed 2026-10-16T07:33:38.231Z); FY2021: growth capex 30684000; upkeep 398090000; owner earnings 461163800. Growth capex / owner earnings = 0.06653601171644435.

- Source: https://eodhd.com/api/fundamentals/SJX.STU.json#2022-12-31 (filed 2026-10-16T07:33:38.231Z); FY2022: growth capex 406569334.5671694; upkeep 559561665.4328306; cash acquisitions 3591914000; owner earnings 374557134.5671694. Growth capex plus acquisitions / owner earnings = 10.675229399081491.

- Source: https://eodhd.com/api/fundamentals/SJX.STU.json#2023-12-31 (filed 2026-10-16T07:33:38.231Z); FY2023: growth capex 74480000; upkeep 541436000; cash acquisitions 99328000; owner earnings 469711139.2818972. Growth capex plus acquisitions / owner earnings = 0.3700316757778425.

- Source: https://eodhd.com/api/fundamentals/SJX.STU.json#2024-12-31 (filed 2026-10-16T07:33:38.231Z); FY2024: growth capex 7179000; upkeep 537834000; cash acquisitions 73459000; owner earnings 587593000. Growth capex plus acquisitions / owner earnings = 0.13723444629190612.

- Source: https://eodhd.com/api/fundamentals/SJX.STU.json#2025-12-31 (filed 2026-10-16T07:33:38.231Z); FY2025: growth capex 49943000; upkeep 530573000; cash acquisitions 0; owner earnings 335474974.0492874. Growth capex plus acquisitions / owner earnings = 0.1488725057406591.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.231Z); Dividend observations: [[2016,465930000],[2017,467641000],[2018,468004000],[2019,468156000],[2020,468035000],[2021,467891000],[2022,685625000],[2023,498680000],[2024,498883000],[2025,530422000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/SJX.STU.json#2025-12-31 (filed 2026-10-16T07:33:38.231Z); FY2025: cash repurchases 69533000 SGD.

### Are managers owners

Insiders own 1.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SJX.F SharesStats.PercentInsiders = 1.218 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 19.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.231Z); Ten-year compound average after fade. Initial solved rate 0.2728069886601979. Price 7.006; FX 0.6958119292237442; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 2.01 per share

- 2016-11: EUR 2.17 per share

- 2016-12: EUR 2.06 per share

- 2017-01: EUR 2.11 per share

- 2017-02: EUR 2.41 per share

- 2017-03: EUR 2.47 per share

- 2017-04: EUR 2.45 per share

- 2017-05: EUR 2.35 per share

- 2017-06: EUR 2.35 per share

- 2017-07: EUR 2.31 per share

- 2017-08: EUR 2.19 per share

- 2017-09: EUR 2.12 per share

- 2017-10: EUR 2.17 per share

- 2017-11: EUR 2.01 per share

- 2017-12: EUR 2.02 per share

- 2018-01: EUR 2.06 per share

- 2018-02: EUR 2.09 per share

- 2018-03: EUR 2.18 per share

- 2018-04: EUR 2.19 per share

- 2018-05: EUR 2.21 per share

- 2018-06: EUR 2.06 per share

- 2018-07: EUR 2.13 per share

- 2018-08: EUR 2.07 per share

- 2018-09: EUR 2.20 per share

- 2018-10: EUR 2.20 per share

- 2018-11: EUR 2.21 per share

- 2018-12: EUR 2.21 per share

- 2019-01: EUR 2.32 per share

- 2019-02: EUR 2.37 per share

- 2019-03: EUR 2.41 per share

- 2019-04: EUR 2.52 per share

- 2019-05: EUR 2.50 per share

- 2019-06: EUR 2.63 per share

- 2019-07: EUR 2.74 per share

- 2019-08: EUR 2.51 per share

- 2019-09: EUR 2.50 per share

- 2019-10: EUR 2.58 per share

- 2019-11: EUR 2.68 per share

- 2019-12: EUR 2.56 per share

- 2020-01: EUR 2.66 per share

- 2020-02: EUR 2.66 per share

- 2020-03: EUR 1.94 per share

- 2020-04: EUR 2.20 per share

- 2020-05: EUR 1.99 per share

- 2020-06: EUR 2.07 per share

- 2020-07: EUR 1.94 per share

- 2020-08: EUR 2.06 per share

- 2020-09: EUR 2.11 per share

- 2020-10: EUR 2.16 per share

- 2020-11: EUR 2.36 per share

- 2020-12: EUR 2.32 per share

- 2021-01: EUR 2.27 per share

- 2021-02: EUR 2.28 per share

- 2021-03: EUR 2.43 per share

- 2021-04: EUR 2.37 per share

- 2021-05: EUR 2.40 per share

- 2021-06: EUR 2.39 per share

- 2021-07: EUR 2.47 per share

- 2021-08: EUR 2.33 per share

- 2021-09: EUR 2.38 per share

- 2021-10: EUR 2.41 per share

- 2021-11: EUR 2.46 per share

- 2021-12: EUR 2.47 per share

- 2022-01: EUR 2.44 per share

- 2022-02: EUR 2.48 per share

- 2022-03: EUR 2.71 per share

- 2022-04: EUR 2.80 per share

- 2022-05: EUR 2.78 per share

- 2022-06: EUR 2.79 per share

- 2022-07: EUR 2.86 per share

- 2022-08: EUR 2.66 per share

- 2022-09: EUR 2.51 per share

- 2022-10: EUR 2.32 per share

- 2022-11: EUR 2.41 per share

- 2022-12: EUR 2.40 per share

- 2023-01: EUR 2.52 per share

- 2023-02: EUR 2.48 per share

- 2023-03: EUR 2.50 per share

- 2023-04: EUR 2.43 per share

- 2023-05: EUR 2.48 per share

- 2023-06: EUR 2.47 per share

- 2023-07: EUR 2.53 per share

- 2023-08: EUR 2.56 per share

- 2023-09: EUR 2.66 per share

- 2023-10: EUR 2.54 per share

- 2023-11: EUR 2.47 per share

- 2023-12: EUR 2.63 per share

- 2024-01: EUR 2.49 per share

- 2024-02: EUR 2.65 per share

- 2024-03: EUR 2.69 per share

- 2024-04: EUR 2.73 per share

- 2024-05: EUR 2.78 per share

- 2024-06: EUR 2.95 per share

- 2024-07: EUR 3.00 per share

- 2024-08: EUR 3.04 per share

- 2024-09: EUR 3.19 per share

- 2024-10: EUR 3.13 per share

- 2024-11: EUR 3.10 per share

- 2024-12: EUR 3.22 per share

- 2025-01: EUR 3.41 per share

- 2025-02: EUR 3.76 per share

- 2025-03: EUR 4.57 per share

- 2025-04: EUR 4.91 per share

- 2025-05: EUR 5.36 per share

- 2025-06: EUR 5.14 per share

- 2025-07: EUR 5.95 per share

- 2025-08: EUR 5.06 per share

- 2025-09: EUR 5.85 per share

- 2025-10: EUR 5.56 per share

- 2025-11: EUR 5.52 per share

- 2025-12: EUR 5.49 per share

- 2026-01: EUR 6.40 per share

- 2026-02: EUR 6.72 per share

- 2026-03: EUR 7.41 per share

- 2026-04: EUR 7.01 per share

- 2026-05: EUR 7.46 per share

- 2026-06: EUR 6.94 per share

- 2026-07: EUR 6.72 per share

- 2026-08: EUR 7.15 per share

- 2026-09: EUR 7.41 per share

- 2026-10: EUR 7.01 per share

## Annual estimated value (EUR per share)

- FY2020: low EUR 1.18 per share, central EUR 1.32 per share, high EUR 1.52 per share

- FY2021: low EUR 1.27 per share, central EUR 1.42 per share, high EUR 1.63 per share

- FY2022: low EUR 1.41 per share, central EUR 1.59 per share, high EUR 1.83 per share

- FY2023: low EUR 1.50 per share, central EUR 1.70 per share, high EUR 1.97 per share

- FY2024: low EUR 1.47 per share, central EUR 1.66 per share, high EUR 1.92 per share

- FY2025: low EUR 1.46 per share, central EUR 1.65 per share, high EUR 1.90 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:23.188Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.