“Our positive view is braced by record 2025 contract wins, improving balance sheet post divestments, and upside from international defence amid supportive geopolitical backdrops and sustained defence and public security momentum,” said analyst Shekhar Jaiswal. This represented a roughly 49 per cent year-on-year increase from the S$12.6 billion recorded in 2024. Key highlights from the contract wins include:DECODING ASIA Navigate Asia ina new global order Get the insights delivered to your inbox. RHB noted that the defence and public security segment has now delivered five consecutive quarters of year-on-year growth in order wins, supported by a favourable geopolitical backdrop. RHB forecasts a strong showing, expecting H2 recurring net earnings to come in at about S$430 million – a 17 per cent year-on-year increase, aided by improved margins in the commercial aerospace sector.