Stock Name: ST Engg
Company Name: SINGAPORE TECH ENGINEERING LTD
Research House: MacQuarie
Company Name: SINGAPORE TECH ENGINEERING LTD
Research House: MacQuarie
ST Engineering (S63.SG) flat at $3.26 despite management’s guidance for higher FY10 revenue, pretax profit, notes Dow Jones.
“Against the Singapore index, STE’s valuations are not compelling,” says Morgan Stanley, which has Equalweight call with $3.30 target; “while we see the stock as well-supported on the downside, we do not see much scope for the stock to re-rate.”
“Against the Singapore index, STE’s valuations are not compelling,” says Morgan Stanley, which has Equalweight call with $3.30 target; “while we see the stock as well-supported on the downside, we do not see much scope for the stock to re-rate.”
Still, analysts generally agree fundamentals remain sound, especially on aviation front, evident in company’s 34.0% on-quarter rise in 2Q10 earnings to $123.9 million.
“Leading indicators such as load factors continue to trend up, and we believe investors should position ahead of the curve,” says Macquarie, which has Outperform call with $3.80 target. 50-day moving average, last at $3.21, expected as initial support.
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