Company Name: SINGAPORE TECH ENGINEERING LTD
| Research House: OCBC | Price Call: BUY | Target Price: 3.60 |
Shares of Singapore Technologies Engineering gained as much as 2.7% after the company reported a 21% rise in quarterly profit.
“Our confidence in STE’s earnings growth remains despite a choppy global outlook, thanks to its impressive $1.8 billion orders year to date,” brokerage CIMB said in a report and retained its outperforming rating with a $3.49 price target.
ST Engineering shares were up 2.4% at $3.04 in a broader market down 0.3%. The shares have risen around 13% so far this year, outperforming the market.
“ST Engineering has a solid business model underpinned by defence contracts, with earnings visibility continually provided by its growing orderbook,” Maybank Kim Eng Research said and maintained its buy rating and a price target of $3.60.
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