Stock Name: ST Engg
Company Name: SINGAPORE TECH ENGINEERING LTD
OCBC Investment Research in a Sept 29 research report says: "Singapore Technologies Engineering Ltd (STE) announced on that its American subsidiary Vision Technologies Aerospace Inc. agreed to wholly acquire DRB Aviation Consultants, Inc. (DRB Aviation) for US$1.45 million (~S$1.75 million).
"STE also announced that its subsidiary ST Kinetics won a $68 million contract from the Singapore Ministry of Defence (MINDEF) to supply its new generation of Spider Light Strike Vehicles (Spider LSV).
"Given STE's strong order book of $10.8 billion, its 90% dividend payout ratio and that recent news developments do not have a material impact on STE's resilient earnings, we retain our fair value estimate of $3.37 per share with 14.6% upside. MAINTAIN BUY."
Company Name: SINGAPORE TECH ENGINEERING LTD
| Research House: OCBC | Price Call: BUY | Target Price: 3.37 |
OCBC Investment Research in a Sept 29 research report says: "Singapore Technologies Engineering Ltd (STE) announced on that its American subsidiary Vision Technologies Aerospace Inc. agreed to wholly acquire DRB Aviation Consultants, Inc. (DRB Aviation) for US$1.45 million (~S$1.75 million).
"STE also announced that its subsidiary ST Kinetics won a $68 million contract from the Singapore Ministry of Defence (MINDEF) to supply its new generation of Spider Light Strike Vehicles (Spider LSV).
"Given STE's strong order book of $10.8 billion, its 90% dividend payout ratio and that recent news developments do not have a material impact on STE's resilient earnings, we retain our fair value estimate of $3.37 per share with 14.6% upside. MAINTAIN BUY."
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