ST Engineering - RHB Invest 2023-06-12: Outperformance In An Uncertain Environment

• ST Engineering's share price has seen a 9% rise in year-to-date and has outperformed the STI by 11% during the same period.
• In current situation of an uncertain macroeconomic environment, we believe ST Engineering can deliver double-digit profit CAGR during 2023-2025, aided by revenue growth and margin improvement. Its ability to sustain a S$0.16 dividend payout despite the recent rise in debt should provide downside protection to ST Engineering's share price.
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Strong long term growth is well supported by organic and inorganic factors.

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• the urban solutions & satcom (USS) segment experiencing strong growth amid contributions from the TransCore acquisition beyond 2023; and
• the defence public security (DPS) segment benefiting from rising defence spending in Singapore and the US.
• For 2023,
  • Read more at SGinvestors.io.
  
  
  
  
  
  
  Shekhar Jaiswal RHB Securities Research | https://www.rhbgroup.com/ 2023-06-12 SGinvestors.io
  
  

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  Read also RHB's most recent report:
  2024-05-06 ST Engineering - New Contract Win In Singapore; BUY.

  Previous report by RHB:
  2024-04-08 ST Engineering - Updated ESG Data; Unchanged Positive Thesis; BUY.

  Price targets by 4 other brokers at ST Engineering Target Prices.

  Listing of research reports at ST Engineering Analyst Reports.

  Relevant links:
  ST Engineering Share Price History,
  ST Engineering Announcements,
  ST Engineering Dividends & Corporate Actions,
  ST Engineering News Articles